The internal audit function’s position within a company is unique. It provides its principal stakeholders valuable and objective assurance on governance, risk management and control processes, as well as consulting services to improve operations.
How do you do that? A high-quality internal audit function meets or exceeds stakeholder expectations, while ensuring that value is added to the organization. One of the most critical factors in achieving internal audit quality is the auditor’s competency and proficiency in evaluating the organization’s risk management, control and governance processes. Each internal audit department should have a program that encourages top quality of internal audit reports, investigations, consulting and other services, and also institutionalizes continuous improvement in its service to stakeholders.