Getting More from Internal Audit

Risk Advisory/Internal Audit

By Angela Gillis

Are you leveraging the full potential of internal audit in your organization? The historical, traditional, and compliance driven (e.g., SOX) roles of the internal audit function have been to assist the organization in managing and mitigating risks with respect to operations, financial reporting, systems and compliance.

Now is a great time to reassess the value that internal audit provides your organization. Progressive internal audit functions assist with performance improvement assessment, merger and acquisition due diligence, fraud investigations and many other consultative type projects. A talented and competent internal audit function brings technical expertise and objectivity to such projects. Additionally, many functions have integrated the use of analytical software that can effectively and efficiently analyze critical data throughout all areas of an organization. The benefits of a highly competent and progressive internal audit function are considerable. Recent legislative demands will heighten the need for a leading edge progressive function to assist the organization to tackle the many demands appearing on the forefront.

Another key drive for establishing a progressive function is the important of establishing and maintaining an effective enterprise risk management (ERM) program within the organization. ERM includes the methods, processes, and control activities embedded within an organization to manage risks and seize opportunities. Internal Audit in many organizations manages the ERM program. ERM programs must integrate people, processes, and systems into the control environment to be successful and internal audit can be a key facilitator to its success. Internal audit is your specialist on internal controls.

Is your internal audit function progressive and delivering the value that is expected? Properly staffed and integrated into all areas of your organization, internal audit can be a valuable partner to better compliance, risk management and performance.

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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person any tax-related matter.

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© 2019 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.