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Outsourcing

outsourcing benefitsWhether you are looking to accelerate the establishment of your Internal Audit (IA) function or realize cost savings by moving to an outsourced model, Focal Point can provide your organization with a complete outsourced solution, so you can see these results quickly. We follow practices promoted by the Institute of Internal Auditors (IIA) and are adept at preparing annual enterprise risk assessments, planning and scheduling audits, testing controls of all types and at all levels, reporting audit results and presenting findings to executive management and audit committees. We have the breadth and depth of skilled internal audit professionals to meet your needs.

Benefits of Outsourcing Internal Audit

Companies choose to outsource with Focal Point for a number of important benefits, including:

  • Lower Costs – Once the full costs of recruiting, training, benefits, overhead and downtime between audits are realized, hourly rates for outsourced internal audit services are lower than the cost of an in-house IA department.
  • Superior Flexibility – Focal Point offers the capabilities to easily and affordably flex the number of resources assigned to your Internal Audit function, keeping you properly staffed during both peak and off-peak periods.
  • Lower Third-Party Expenses – Third-parties, especially external auditors, typically rely on outsourced IA functions more than in-house IA functions. This results in lower external auditor effort and expenses.
  • Core Competencies – With consulting as our core competency we are committed to making investments in the best methodology, professionals, technologies and service delivery approach. This dedication means our resources are typically superior to in-house audit functions.
  • Tried and True Methodologies – By hiring Focal Point, you immediately gain access to methodologies that have taken years to develop and perfect in order to maintain a state-of-the art approach. These methodologies can be put to use right away, making an instant impact on your organization.
  • Subject Matter Expertise – Focal Point gives you on-demand access to professionals with niche expertise, including fraud and forensics, information technology and data analysis.
  • Independent Assessments – Focal Point delivers objective oversight and recommendations directly to management without the inter-office politics that often hamper communication among in-house personnel.
  • Retention of Talent – Typically, internal auditors have limited career opportunities within industry Internal Audit departments. Consulting firms, however, offer virtually unlimited career advancement opportunities, ensuring top talent is retained longer.
  • Best Practices – Focal Point professionals have the opportunity to work with organizations of varying sizes and in many different industries. Through this diversity of experience, they learn what works and what doesn’t, and those insights are incorporated into everything they do.
  • Accountability – Statements of work, incorporating a fee estimate and timeline, are prepared by the service provider for each audit.  This contractual commitment provides a much higher degree of visibility and accountability than is typically found with internal personnel.

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