Resources of Internal Audit, Internal Audit Outsourcing and Competences of Internal Auditors

Abstract

The efficiency of the internal audit function is significantly influenced by internal audit resources, internal audit outsourcing, and internal audit competencies. Resources include the funding and personnel responsible for conducting internal audits. For the internal audit function to successfully carry out its duties, the risk management, control, and governance practices of the business must be assessed objectively. The process of contracting with an outside party to perform all or a portion of the internal audit function is known as internal audit outsourcing. Businesses might choose to do this for a number of reasons, such as a lack of internal resources or expertise, and it might be a good financial choice. However, the external company or individual must have the knowledge and skills required to carry out the internal audit position successfully. The skills, expertise, and knowledge of internal audit staff members make up internal auditors' competencies. In addition to the technical competence required to perform their job, internal auditors also need to understand the relevant laws, regulations, and industry standards. They should also be capable of critical thinking, good communication, and complicated information analysis. The efficiency of the internal audit function is significantly influenced by internal audit resources, internal audit outsourcing, and internal audit competencies. The internal audit function may be able to guarantee that it can provide an impartial and efficient examination of the company's risk management, control, and governance systems by making sure it has enough resources, qualified personnel, and the correct kind of outsourcing.