May is International Internal Audit Awareness Month. During this time, the Institute of Internal Auditors (IIA) encourages members, chapters, and institutes around the world to promote the value and critical role of internal auditors.
We see it on the front lines of business every day. With a major shift to digital processes, the dramatic rise in cyber risk and data privacy, and high-profile incidents of corporate wrongdoing, companies need internal guidance more than ever. Smart organizations look to internal auditing to be insightful and objective on a variety of topics related to governance, risk management, business goals, and strategic objectives.
1) The first line is business units that own the risks.
2) The second line of defense is risk and control specialists who support the first line.
3) The third line encompasses internal and external auditors who validate and verify the second line’s risk and control assessments.
Auditors also provide senior management and the board with independent assurance of the design and operating effectiveness of the organization’s risk management activities – a cross-functional task that requires careful…
