Internal Audit provides a number of important services to company management.
These include detecting and preventing fraud, testing internal control, and monitoring compliance with company policy and government regulation.
According to a survey conducted by Ernst & Young, 75% of respondents believe that their internal audit function has a positive impact on their overall risk management efforts.
It is also stated that internal audit top 5 priorities are:
- Improving the risk assessment process
- Enhancing the ability to monitor emerging risks
- Becoming more relevant to achieving the organization’s business objectives
- Reducing overall internal audit function costs without compromising risk coverage
- Identifying opportunities for cost savings in our business
With stakeholders’ expectations rising and the focus of internal audit shifting from compliance and financial controls to risk coverage and business relevance, the skills required for internal auditors have changed.
It is no longer sufficient for internal auditors to have traditional technical skills. Now, they are required to have both competencies and technical skills. Apart from internal audit knowledge, stakeholders expect internal auditors to have the ability to team with management and business units on relevant business issues. They also expect internal auditors to have deep sector knowledge and business acumen.
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