This publication discusses how and why organisations must strive to transform their IA function into a 'world class' function – it offers insight on the steps that need to be taken by executives to get the right balance between the 3 Ps (3 Ps – the position of the IA function, the right people, and the right processes) and to achieve world class status.
- Companies that evolve their internal audit function to embody world class attributes will gain significant competitive advantage.
- Positioning: The internal audit function must focus on expanding its offerings to become a business partner and provide a holistic view of the organisation’s strategy and risks.
- People: The strength and value of an internal audit team is often directly related to the skills and experience of the expanded team.
- Processes: The internal audit function must be supported by robust formal processes that leverages leading-edge IT tools.