in its approach. From an inspection-oriented role, today it has moved to forging a partnership with the business. Internal audits help keep a check on the overall health of the company and to ensure
that no department oversteps regulatory norms. Over the years, the Internal Audit (IA) function has evolved to become more strategic and proactive in its approach. From an inspection-oriented role, today it has moved to forging a partnership with the business.
These reviews provide management, the board of directors, external auditors, and, most importantly, the AC with assurance that key controls within the organization are designed appropriately, operating effectively and efficiently, and functioning to protect stakeholders.
use of new digital tools and technology. Based on the partnership between the AC and IA, the IA will have a conducive working environment to deliver the agreed IA objectives for the organization.
immediate fire drills to identify those risk areas where additional management focus can head off problems before they mushroom. This approach gets to risk issues before they manifest themselves
in losses or compliance deficiencies. It provides an early warning system and a method for extending management’s reach, analyzing the controls to mitigate risks at a high level and then scheduling
audit projects to address risks that have been identified and can be addressed appropriately through an IA process.
knowledge of the business and business risks to start the process but also seeks the input of business management so that upcoming trends and initiatives are taken into consideration. Another critical element of a forward-looking risk assessment process is to understand industry, economic, and political influences that impact the company’s risk profile. It is important not only to consider internal systems, controls, and initiatives but also to understand the impact of risk areas that are connected to business partners and even to consider what risks and issues competitors are experiencing.
continued learning on the job, ‘all-hands’
meetings to develop team relationship clear roles and responsibilities, opportunity for role rotations and growth, knowledge-sharing practices internally and through participation in external forums, all contribute to instilling the right team culture along
with work competencies to set the team up for successful and impactful work thereby expertly advising the
management on the internal control weaknesses.
The agile approach is built on frequent feedback and short, targeted, collaborative projects that are flexible
to adapt to changing environments. Agile audits are focused on the needs of the business and use outside experts to fill in the gaps of knowledge within the audit team, allowing the function to specifically tailor its services to the greatest benefit for the business. Agile auditing has improved my reporting and stakeholder satisfaction, and help my audit team’s morale and added-value.