Internal auditing is often described as an independent and impartial assurance, and in many instances, is used as a premeditated consulting activity with the ultimate aim of bringing operational value and/or improvement to an organization’s actions.
Photo: Scott Graham on Unsplash The goal here is to evaluate and enhance the effectiveness of risk management, control and governance procedures. In other words, internal auditing monitors the effectiveness of the internal control processes traditionally instilled by management. A quality audit will allow the business to achieve its purposes by delivering a systematic and well-ordered approach to its management systems. If done well, it will also ensure that those systems are efficient and in compliance with relevant laws and regulations.
But due to an increasingly complex risk landscape, internal audit (IA) teams are experiencing increased difficulty in developing plans that adequately address the risks that organizational leaders around the world feel most exposed to.
Challenges have emerged or gotten steeper because of myriad forces affecting business operations and processes – from COVID-19 and labor shortages to an…
