Auditor Outsource Advantages

Posted on by 5whAudit

Below is the template of a letter that I have used to highlights the benefits of outsourcing the Internal Audit function for a small to medium organisation.

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Dear Sir/Madam

I refer to your online advert quoted above.

You require an Internal Auditor to join your staff. We at FiveWH Corporate Services (Pvt) Limited (“5wh”) offer internal audit services – a convenient outsource solution that costs you no more than the gross salary of the auditor or auditors concerned. A great saving considering that salaries are only a portion of the total cost of running an audit department.
I know that your organisation had to plan and approve the Chief Internal Auditor position (let alone the Internal Audit department) at the highest level. I also know that changing that arrangement may not be easy. Nevertheless, here are some of the benefits you derive from outsourcing the Internal Auditor function:-

  1. Top flight skills: Not only do you get an effective skills-set, you also have knowledge and research backup from the 5wh “back office” at no extra cost to you.
  2. Cost: You get these skills at a fraction of the cost of running an in-house audit department. That’s because of not only the savings arising out of staff benefits and administration, but also because as 5wh our costs are spread across a portfolio of many clients – economies of scale.
  3. HR: Staff administration is a necessary hassle that many an employer love to pretend does not exist. When you outsource, you get the HR benefit while avoiding the administration costs and risks.
  4. Related services: Forensic audit and internal controls tune-up are skills that many audit professionals pretend to have. We do have these skills.
  5. Experience: Because we have clients across many sectors of the Zimbabwe economy, we have “war stories” to share, on a no-names basis, of cause.
  6. We have worked, and a currently working, with various profit and not-for-profit organisations.

Please feel free to contact me any time to explore areas of mutual interest. Meanwhile, let me know if you would want me to send you our company profile. I have attached a schedule on in-house v outsource  cost comparatives of the issues highlighted above.

Regards
Caleb Mutsumba

Director
FiveWH Corporate Services (Pvt) Limited
+263 772 466540/ +263 712 620287
Please note that this email is not spam. It is a response to the advert referred to above.

What do you think? What strategies do you, or your company, use to manage the risk of fraud and error in your organisation? Are you primarily proactive or reactive in your approach to risk management? Share your experience in the Comment box below.