5 Reasons Why Outsourcing Internal or Suppliers Auditing May Be Better For Your Company

If you find yourself in a fix because you’re unable to find adequate resources internally, it’s time you stop worrying.

It is absolutely normal for companies to find themselves in a situation where they require expertise for a matter that doesn’t require a full time resource but also urgently needs someone to get the work done.

In the past few years, companies have moved from spending time and money in training their employees in multiple arenas to outsourcing key positions to experts who specialize in the field. While a lot of people may be comfortable outsourcing various functions of their business, when it comes to supplier’s auditing and internal audits, you may still find yourself on the edge.

Here are 5 major reasons why outsourcing suppliers and internal auditing obligations may be beneficial for your company.

1. Increased Efficiency

Finding a resource internally who is willing to run suppliers audit and internal auditing obligations can take up to weeks and sometimes even months. As if this time period wasn’t long enough, this is followed by the time taken to train the employee extensively.

Not only does this sound like a huge hassle for the company, it is also a very inefficient way of getting work done. Outsourcing internal or suppliers auditing can free up your resources to do the core work of your company and save a lot of time, effort and money.

2. More Flexibility

One of the biggest benefits of outsourcing audits is the flexibility it offers. Whether your company requires more audits or is going through a quarter that needs fewer, you can easily adapt to the situation at hand.

Contrary to the circumstances when you would have hired a resource specifically committing their time and salary for audit work, outsourcing is a far more flexible and cost-saving approach that you can sign up for as and when required.

Outsourcing suppliers and internal auditing obligations can save you from bearing the cost of an internal resource throughout the year and instead have you spend as and when required. What’s even better with outsourcing is that there are a lot of firms that also offer virtual audits or in simpler terms remote audit services.  

3. Compliance

One of the most important reasons why you should consider outsourcing suppliers and internal audits is the extensive in-depth analysis a third party can do for your operations and also match their compliance to the set standards.

Only a fully independent expert can provide you with the best judgment that will help your company later on.  

4. Objective Results

If someone within your company carries out an audit, chances are you receive some ‘biased’ outcomes. This becomes a possibility due to the pressure we encounter within our company whether it’s from a vendor or a supplier’s end or even within our internal departments.

Since an outsourced internal auditor is strictly professional, free from conflict of interest and doesn’t have a direct working relationship with any of the internal departments, this is not an issue a consulting firm would face.

Therefore, you are more likely to get objective results and fair recommendations from independent auditor if you decide to outsource your suppliers and internal auditing obligations.

5. Lower Costs

When you decide to outsource your auditing needs, you’re saving your company from fixed salary costs and the amount that would go into the training of an internal resource. These costs are completely minimized as the outsourced internal auditors are already skilled at what they do and don’t require fixed pay scales.  

If you’re struggling to find internal resources to conduct internal or suppliers auditing for your company, outsourcing an expert is your best option. At EQM Consult, we offer outsourced suppliers audit and internal audit services in cost-effective packages. To get in touch with our expert consultants, use the contact form and we’ll get back to you.

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