This document discusses outsourcing the internal audit function of a financial institution and evaluating proposals from audit firms. It emphasizes that a trained internal auditor is still needed to oversee outsourced audits. When evaluating proposals, important considerations include the experience level and background of assigned staff, how risk assessments guide audit scope and procedures, documentation access and ownership, and coordination with internal resources. Thoroughly assessing audit methodologies and staff qualifications is critical to avoid low-quality or incomplete outsourced audits.