As businesses battle against economic turbulence, driven by stubbornly high inflation and an interest rate rise shock, the Chartered Institute of Internal Auditors is urging risk managers to work alongside their internal audit functions to build resilience against a possible recession.
A new report called: “Adapting to Economic Uncertainty: Internal Audit’s Journey”, provides guidance to risk managers, internal audit and boards on navigating the multitude of risks associated with the economic downturn.
The report examines lessons learned from previous economic shocks, the current response to economic uncertainty, and how internal audit can support the path to recovery.
Risk management emerged as the most common business function for internal audit collaboration, with 81% of organisations recognising the value of cross-functional partnerships.
The research found that internal auditors are most engaged in supporting risk management and framework assessment (73%), auditing cost savings measures (58%), and supply chain risk assessment (49%).
Other key measures internal auditors are engaged in include auditing pricing strategies, budgeting and forecasting reviews, contingency planning…
