Stewart to Outsource Internal Audit Function
May 12, 2011
Stewart Information Services Corp announced its decision to outsource its internal audit function to Deloitte LLP as part of Stewart’s continuing effort to enhance services to its title agencies and customers, provide flexibility and to reduce expenses.
“After many months of evaluation, we selected Deloitte because of their title insurance expertise, their understanding and loyalty to our industry, and the value they place on our current audit associates,” noted Matthew W. Morris, senior executive vice president for Stewart. “Deloitte has a very highly regarded internal audit practice and can expand our capabilities around continuous monitoring, forensic audit and IT audit tools. Additionally, given their geographically dispersed resources and size, we can be more scalable, adaptable and flexible in our ongoing audit approach.”
In addition, Stewart expects to reduce its overall costs by implementing a variable-cost structure, which will allow greater opportunity by tying costs to market fluctuations. This flexibility is a key benefit given changing regulations, shifting requirements for centralized accounting and IT, and opportunities to leverage more robust audit technology and tools.