You are visiting this website from:
JOB SEEKERS | 1 MINS READ

The importance of internal audit for corporate governance

Internal Audit

13-11-2019
Submitted by global_admin on Wed, 11/13/2019 - 19:06
Read time: 1 min mins read
Read Time
1
Translation Language
English
Contracting Jobs
Off
Press Releases
Off
News
Off

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.

Looking for internal audit opportunities?

Search Jobs

2021 Salary Guide Calculator

Compare salaries across different locations, industries and areas of expertise.

Find Salaries Find Salaries
Get In Touch
Fill in your details in the form below and we will be in touch to discuss your hiring needs!
Submit your Healthcare Staffing Request
- Request a Free Consultation Today -
This is a required field
Enter First name
Enter Last name
Enter Your Email
Enter Phone number
Enter valid phone number