The Ten Essentials of Internal Audit
11 August 2015
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:
- Anticipate the needs of stakeholders
- Develop forward-looking risk management practices
- Continually advise the Board and Audit Committee
- Be courageous
- Support the business’ objectives
- Identify, monitor and deal with emerging technology risks
- Enhance audit findings through greater use of data analytics
- Go beyond The IIA’s Standards
- Invest in yourself
- 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.
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