Call Of The Hour: Internal Audit Outsource & Co-Source For Keeping Real Estate

Posted by Broadway Advisory on July 21st, 2017

With real estate development growing at a phenomenal rate across the globe, particularly in developing countries like Dubai, and realty becoming a huge sector to invest in there has been an upfront surge in the number of realtors. While some of them are involved in construction work, many consultation firms have popped-up to show consumers the right path to buy or sell a property that suits his needs and fits his pocket. Consequently, some realtors have gained global acclaim with many of them having their roots in Dubai. Thus, with their realty businesses growing at an unprecedented rate across Dubai many realty companies are left with no other way but, to hunt for new internal auditing resources besides their available ones. As a result, Internal Audit Outsource & Co-source meant to assist Real Estate Advisory Firms is on the rise.

So, what do we exactly mean by Internal Audit Outsource & Co-source needs to be understood in detail.

Firstly lets shed light on internal audit outsource organizations that have taken birth to facilitate real estate advisory firms across Dubai. They basically are internal auditing service providers or independent financial associations who have been zeroed upon to complete the task of internal auditing for large collaboration that are overloaded with work.

There are numerous benefits of internal audit outsourcing for real estate agencies. Some of them include: gaining access to extremely skilled professionals who are highly experienced in their work and have knowledge of cut-throat technology to make the company’s work simple, a massive reduction in cost while still retaining the best of work, having more scrutiny added with an absolutely new perspective, eliminating the requirement of internal auditing training which also reduces costs to a large extent. Having more staff flexibility, with newer projects on hold is another plus.

And just like internal audit outsourcing lets understand internal audit co-sourcing services available at reasonable rates in Dubai. In layman words, it is a mutual partnership between the in-house department of the Real Estate Advisory Firm and an agency providing services of internal auditing.

The foremost advantage of internal audit co-sourcing for realty firms is conversion of fixed costs to variable costs. Additionally, cost savings can be advantageous for firms where internal auditing is experiencing a phase of highs and lows.

Besides this, expanding the staff's outreach also is counted as a benefit. Many real estate establishments that were involved in co-sourcing realized that their IA projects were at times restricted by lack of rigorous knowledge or scarcity of staff in certain areas. A multidisciplinary staffing approach can be extremely helpful.

And last but not the least, internal auditing co-sourcing can be valuable in establishing sturdy internal and client-centric knowledge sharing as well as training programs that may be instrumental for the company’s in-house auditors to not just gain wider perspectives but also for exchanging better performing ideas along with those who have come across similar such defying times.

Conclusively, Internal Audit Outsource and Co-Source is the need of the hour for realtors.