Businesses in all industries and forms can enjoy great benefits by outsourcing their auditing function. Although, in theory, a business can handle its internal audit all by itself, yet we shall see that there are crucial gains to be made by hiring third-party professional firms to carry out all your business audits, internal and statutory both.
Auditing is a critical business function that acts as your company’s in-house watchdog, warning of any alarming lapses. The internal auditing team monitors and evaluates a company’s end-to-end business processes to diagnose any lapses or inefficiencies. It then comes up with robust and effective remedial solutions for any such lacunae spotted in the diagnostic phase.
Needless to say, a good audit has to be unbiased and objective. The essence of audit is defeated ab initio if the findings are colored by personal motives or partial favors.
You gain the following 5 amazing benefits by outsourcing auditing services:
1. Crucial Savings in Cost and Time:
Normally, you would need a well-staffed internal audit team to carry out this function effectively. It is beyond one man’s capacity to handle all aspects of audit alone.
Hiring an in-house team is expensive. You would have to pay these full-time employees many perks. The costs involved are:
- In-house Employees demand higher salaries
- Employee Benefits
- Office expenses to house these employees
- Costs spent on setting up and maintaining a robust IT infrastructure
When you use outsourcing for the same, you just need to pay for the project on a piece-meal basis, and the costs are much lower.
An external auditing team is generally more experienced and has a wider knowledge base. Hence, they can get the job done faster in a much more efficient manner.
2. Consultancy provided by Auditors:
A dedicated third-party auditing contractor has a much more robust auditing team staffed with subject matter experts in various niches. These would include:
- Accounting Supervisors
- Tax Consultants
- Financial Consultants
These experts would bring years of domain experience to the table. They would provide you with crucial consultancy and insights to streamline your business into new heights of performance.
3. Unbiased Approach and Impartial Audit
The chances of some deep-hidden conflict of interest coming into play, defeating the purpose of the audit, are much higher in the case of using an in-house auditing team.
Outsourced auditors conduct the audit with an objective and unbiased outlook. You are likely to get much better results and recommendations by taking their help.
4. Focussing on Core Competency to Gain Crucial Efficiency Advantages
If you are a new venture, you are best going to succeed by focussing all your energies on your core competency. You do not want to spread yourself too thin by diluting your energies on housekeeping jobs like auditing.
It is much better to hire external auditors to carry out effective audits for your new business.
As Peter Drucker said, “Do More of What You Do Best, And Outsource the Rest.”
5. Modern Technological Tools
The tools used in accounting and auditing are evolving at a break-neck speed to keep pace with the always-changing standards and guidelines issued by the regulatory bodies.
If auditing is not your core business, you are much less likely to have the best tools to do the job in your company. Outsourced auditors bring the power of best-in-class industry-standard tools to do the job better.
If you are looking to outsource your auditing services internationally, then the UAE is a wonderful option to explore. They have some of the best auditing firms that can provide great quality at affordable prices for all your auditing needs.