North America Leads the Way in Audit Outsourcing

North American firms have embraced outsourcing audit functions more than their international peers. Globally, only a little more than a third (38%) of companies outsource some their internal audit work while well over half (56%) of companies in North America do so. This recent Institute of Internal Auditors Research Foundation study found near-identical results when it comes to program size. Across the world, larger audit departments are far more apt to use third parties for help (56%) compared to small departments (32%). But the organization expects that, whether big or small, in North America or elsewhere, audit outsourcing momentum will only grow. For this reason, IIA President Richard Chambers says that “it is imperative that chief audit executives understand best practices in this area.” (Photo: Ken Teegardin)