According to The Institute of Internal Auditors (https://na.theiia.org) --
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's
During the normal course of business, department heads - identify operational risks; develop and document policies and procedures to mitigate these risks; and train their staff on the procedures. These policies and procedures are amended, probably annually by the responsible department. Internal auditors validate that the policies and procedures are followed and effective at minimizing financial
But, recent market turmoil revealed additional risks that if not addressed expose the company to brand and reputational risks, as well as financial risk. The role of the
A proper internal audit approach includes understanding business goals usually identified through senior manager interviews, preparing risk assessments, scoping key audit areas, evaluating controls, creating remediation plans, and testing controls. An internal auditor must be able to evaluate, assess and implement controls across business areas.
According to the 2012 Internal Audit Capabilities and Needs Survey (Protiviti March 2012), themes identified are associated with technology and the risks presented, such as IT Asset
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