Stakeholders today expect internal auditors to weigh in on a broader variety of risks and are increasingly looking for more timely feedback. Audit plans need to be dynamic and agile. In a recent CBOK survey, respondents were adamant that they want to see internal audit more directly involved in advising on strategic risks. Strategic risks require focus of both senior management and the board; as internal audit aligns with the needs of key constituents, it includes having strategic risks in its line of sight.
In this article, Protiviti Global Leader Brian Christensen discusses how internal audit’s role in identifying and analyzing risk has become a corporate imperative, even for companies with a separate risk management infrastructure.