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 of many boards of what is really going in the organization.
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 organizational value by providing risk-based and objective assurance, advice, and insight”.
This mission statement encapsulates the essence of what internal audit aims to achieve within an organization. It highlights the dual role of internal audit in not only…
