At JPCann Associates Ltd we support audit committees, management and internal audit functions through extensive training, coaching and technical assistance to both private and public sector institutions. Our Internal Audit Services focus on business process improvement, financial audit, IT audit and compliance reviews. Our approach is to make the Internal Audit function to add value to the organization.
The need for Internal Audit function in any organisation cannot be argued. However, organisations need to decide whether to create your own internal audit function or use the services of an external consultancy firm such as JPCann Associates Limited.
For the typical small and medium-sized enterprise there are clear benefits to outsourcing your Internal Auditing function either partially, co-sourcing or fully outsourced. The benefits includes:
- Focus your attention on your core business activities – the activities that make you money.
- It is easier to buy in the services of an expert than it is to recruit and employ an expert.
- Specialist consultancy firms can give you the range of skills that you won’t find in one person. For example, you may not only need an accountant but also an information technology or human resources expert.
- When you employ a specialist you create a reliance on that person. When that person leaves, you suffer disruption to your business while you try to replace that expertise. This is not an issue when you outsource as each consultant works to a common process.
- Employing someone with the experience and qualifications to perform an internal audit role is expensive. If you try to recruit cheaply you will get someone who is poorly qualified; this may cost you in the future. There is a clear cost-benefit argument for outsourcing.
- When you outsource you ensure independence and objectivity.
- You can monitor easily your relationship with your consultant through confidentiality and service-level agreements.