An internal audit function that is relevant is one that understands the strategic objectives of the company and develops and follows an audit plan that considers those objectives. In addition to hiring auditors with COSO audit framework skills, Ruben Diaz Cruz, director of internal audit and control at ETN Turistar, is ensuring that his entire team receives training that will make them more effective. “Our first five continuous audit tests saved one particular business in four months about $3 million. That is small, but we have just started,” says Diaz.
In this profile, Diaz shares how his team aims to create an internal audit organization that “audits by process, not just activities.”