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11 August 2015

The Ten Essentials of Internal Audit

By Tom Ryan

The rapidly evolving world of business is the subject of constant change. Progression has been predominantly accelerated by the effects of globalisation, advances in technology, and transformation of geopolitical landscapes which extend their reach into global societies.

Internal Auditors of today’s world need to have a fresh perspective on how to respond to tomorrow’s challenges.  A recent survey and report compiled by the Institute of Internal Auditors (IIA) Research Foundation, supported by The Global Internal Audit Common Body of Knowledge (CBOK), presents interesting findings, which provide a comprehensive look at the activities and characteristics of internal auditors worldwide.

It concludes with 10 recommendations for today’s internal audit practitioners to enable them to respond quickly to emerging issues in areas which include: the future of internal audit governance, global perspective, management, risk, standards, talent and technology.

The IIA’s Driving Success in a Changing World: 10 Imperatives for Internal Audit report lists the following 10 steps for successful internal audit: 

  1. Anticipate the needs of stakeholders
  2. Develop forward-looking risk management practices
  3. Continually advise the Board and Audit Committee
  4. Be courageous
  5. Support the business’ objectives
  6. Identify, monitor and deal with emerging technology risks
  7. Enhance audit findings through greater use of data analytics
  8. Go beyond The IIA’s Standards
  9. Invest in yourself
  10. Recruit, motivate and retain great team members

   
Endorsed by The IIA, The Three Lines of Defence model of corporate governance provides a powerful methodology for successfully assigning and handling risk management and control responsibilities. 

To download the Driving Success in a Changing World: 10 Imperatives for Internal Audit report, please go to The Institute of Internal Auditors website

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The Three Lines of Defence model has been successfully used by many organisations to clarify responsibilities between departments and to improve effectiveness of risk management. It also provides some powerful messages for anyone considering how to introduce and implement internal audit and risk management software in their organisation. 

Ideagen is the global provider of integrated Enterprise Governance, Risk and Compliance (eGRC) software to organisations operating in highly regulated industries. Our leading internal audit and risk management software, Pentana, is the result of 25 years' of experience in supplying systems that optimise audit productivity, compliance and excellent management information. Comprising audit best practice, risk library content, easy deployment and a modern user interface for on and offline working, Pentana has an unrivalled pedigree in audit and risk management.

 

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