Australia

Details

  • Service: Advisory, Risk Consulting, Internal Audit, Risk & Control Services
  • Type: White paper
  • Date: 5/03/2012

Creating a World Class Internal Audit Function 

Creating a highly effective internal audit (IA) function can be challenging for many organisations. But companies that invest the appropriate time and resources to optimise their department can enjoy a wide range of competitive benefits, including enhanced risk management processes; an improved control environment; strengthened relationships with key stakeholders; and greater efficiency across key governance, risk, and compliance (GRC) activities.
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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.

 

Key insights

  • 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.