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Strategic Role eBook

Strategic Role of Internal Audit

Free eBook: Strategic Role of Internal Audit

A Benchmark for Internal Audit Strategy

"We make understanding the strategic direction and goals a priority in our risk assessment process so that we can link our audit plan to the strategies and goals of the company.”
-Internal Auditor Response

"Internal Audit is at the table for senior management discussions, for input on operational challenges and control risks, for the implementation of new systems and replacement of outdated processes, and for risk management.”
-Executive Response

About The Strategic Role of Internal Audit

Vonya Global's Strategic Role of Internal Audit summarizes the opinions of Executives and Internal Auditors from both public and private organizations in a variety of industries on the strategic role of internal audit.

The report frequently refers to either “Strategic Role” or “Strategic Risk.” For the purposes of this report we have defined the term “Strategic Risk” as risks that pose a threat to a company meeting it's strategic objectives. “Strategic Role” was defined as the role internal audit plays in assessing “Strategic Risk.” The Strategic Role of Internal Audit first discusses whether it is internal audit’s role to evaluate strategic risks and secondarily if internal audit is equipped to do so effectively.

Excerpts from The Strategic Role of Internal Audit:

"Internal Audit can be strategic if it is properly designed, staffed, and operated. They need to focus much more on enterprise risks, process analyses, operations, and planning actions to do so."
-Executive Response

"It is very important to understand the role of internal audit and its contribution, senior management is expected to involve the Chief Audit Executive in decision making for risk management and compliance purpose."
-Internal Auditor Response

"Strategy is setting the direction, choosing the end goal and major points along the way, answering the question "why?"  Tactics are the routes we choose to get to each of these goals, answering the question "how?"  Internal Audit references how we should be doing things rather than why, and as such is a tactical rather than strategic function."
-Executive Response

"Value is determined by the audit committee and executive management, we will add more value if we continue to listen carefully to what they want and need and deliver on those needs with high quality execution, in addition, our ability to add more value is only limited by the quality of our staff, the better people we can attract and retain, the more value we'll deliver."
-Internal Auditor Response

"Internal Audit must evolve to looking at the organization systemically (big picture or globally) not functionally (locally)"
-Executive Response