Selecting the right internal audit partner can transform your organization’s approach to risk management and operational efficiency. This tool is for businesses seeking expert guidance in evaluating and choosing firms for internal audit co-sourcing or outsourcing services. Packed with insightful questions and strategies, it helps you identify vendors that deliver cost savings and enhanced expertise, objectivity and flexibility as well as make informed decisions that align with your unique needs while mitigating risks like loss of control or communication gaps.

This document includes three distinct samples, each tailored to different proposal structures and approaches. Sample 1 provides detailed instructions for crafting a RFP, focusing on team composition, methodology and pricing strategies. Sample 2 emphasizes global capabilities, technology integration, and transition processes for seamless implementation. Sample 3 offers a broader perspective, covering corporate governance trends, best practices and industry-specific insights.

Instructions in this tool include:

• Provide pricing information for the execution of the internal audit plan enclosed in this RFP.
• Please summarize your client base for internal audit services, including the number of clients and industry categories. How many are full outsource engagements and how many are co-source engagements?
• Identify what processes or tools you utilize to understand client expectations and monitor client satisfaction levels.
• Describe your internal audit outsourcing fee structure.