In response to new challenges, changes and expectations within the business environment, internal audit functions are striving to provide greater value as a key component of the organization’s governance framework. Internal audit has emerged as an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. Effective internal audit functions help organizations accomplish their business objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management and control processes. This emergence needs to continue evolving, developing and changing to meet the dynamics of the business world.
Drawing from The Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing and experience with leading internal audit functions, Protiviti recommends 10 strategic priorities for every public and private company – along with every government-sponsored and not-for-profit organization - to employ in its internal audit function, whether it is in-house, co-sourced or outsourced.
As the expectations of stakeholders rise with regard to internal audit’s performance, internal auditors will benefit greatly by employing the 10 strategies detailed in this publication. In addition, as the role of internal audit continues to evolve, the opportunity exists to take internal audit functions to the next level to improve the effectiveness of governance, risk management and control in the organization which will create true value enterprisewide.
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