Business
Newsday
Image courtesy Dr Axel Kravatzky –
Reviewing the governance framework for a bank in the British Virgin Islands about ten years ago, I noted that the most impressive governance review was done by the internal auditor.
It was concise, systematic, insightful and up-to-date with the latest and relevant national and international developments.
Working as a consultant to companies on strategy, compliance, audit, risk management and then with boards, I am often struck by the lack of realistic knowledge many boards have of what is going on in their organisations.
Internal audit can provide an even stronger position than an external consultant. Internal audit functions are instrumental in closing the gap between strategic planning and real-world application.
The core function of internal audit, according to the International Professional Practices Framework (IPPF), as promulgated by the Institute of Internal Auditors (IIA), is to enhance and protect organisational value by providing risk-based and objective assurance, advice and insight.
This mission statement…
