Internal Audit
The face of Internal Audit is changing. Over the last few years, a number of significant trends have been identified in the work of internal audit teams worldwide:
- From business focus to control focus
- From sample review to population review
- From professional auditors to professional internal auditors
- From regional focus to global focus
Today, heads of Internal Audit functions face many challenges. Attracting and retaining high-quality personnel. Embedding specialist resources into their teams. Integrating Audit into broader-based risk and control frameworks, complex changing business environment, ever changing accounting, tax and regulatory laws. Thus today's internal audit organizations are no longer limited to hazard avoidance and compliance. They need to demonstrate their knowledge on risk management, business process improvement, which is a characteristic of a consultant rather than a classical internal auditor. Furthermore, internal auditors are no longer required to focus solely on financial audits. They increasingly need to provide value adding support to managements across all areas of operation, for example, Information Technology, Purchase-to-Pay process, Order-to-Cash process, regulatory compliance, etc. To meet these challenges, a growing number of organizations are looking for strategic partners to support their internal audit requirements.
To learn more about our approach, contact us.