A Benchmark for Internal Audit Strategy
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"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for input on operational challenges and control risks, for the implementation of new systems and replacement of outdated processes, and for risk management.”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
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About The Strategic Role of Internal Audit
Vonya Global's
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
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."
"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."
"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."
"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 Audit must evolve to looking at the organization systemically (big picture or globally) not functionally (locally)"
-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
