Beili Wong, chief audit executive and executive director at Liquor Control Board of Ontario (LCBO), and her team have been "working hard to move beyond compliance activities to provide value-added audit services to management and the board." This has helped internal audit make significant progress toward its goal of being viewed as a trusted advisor to the business.
The internal audit team works closely with management to assess potential risks introduced by new technology initiatives. During such projects, "internal audit is right there alongside management throughout the design and implementation process, serving as an adviser, especially from a risk, control and governance perspective." Wong says, "…if we want to be seen as a trusted adviser…we need to be in a first-line business partner role."