Upscale Your Internal Audit

Internal Audit Programs are continuously improving to suggest ways that can help make your business do better. It is no longer the traditional approach of just indicating inefficient processes and procedures.

Organizations are under intense economic pressures to constantly upgrade processes and introduce innovation to excel in business.

In the attempt to rapidly deliver high performance, organizations are driving sustained efforts. One such area of improvement is internal audit. Audit managers has the potential to contribute by enhancing processes through integrating performance improvement audits into the audit approach.

Auditors need to focus and monitor processes regularly into 4 main areas- Compliance, Risk-Identification and Performance Improvement.

They need to bridge the gap and establish effective communication with the stakeholders who include Audit Committee, Governance and Nominating Committee, Risk Committee and Management.

3 Challenges Faced By Organizations:

Empowering the Internal Audit Committee & Prioritizing Areas to Focus:

An expert panel of auditors with the correct skills nurtured by the Organization is a true asset to it. The company must always attempt to broaden the asset capacity to address performance. The new reforms of complying with SOX legislation have limited many audit functions. This has resulted in the auditors doubting their operational and business process knowledge.

Creating Value:

The internal auditor skills must give return on investment for the organization. The Internal Audit group must provide intangible value that must address issues that was overlooked for a long time.

Companies must not rely solely on manual accounting solutions. Automated softwares and internal audit solutions are the most effective protection against the devastating errors.

Limitations to Accept Internal Auditors:

Many management groups might not readily accept internal auditors to thread into every area of business. It is therefore vital for the auditors to maintain good relation with the management in order to skillfully step into various departments of the business.

Thus new-age internal auditors have the capacity to adapt themselves to value-oriented activity aimed towards enhancing the performance of the company and at the same time keeping up its values. It points out key vulnerable areas of the business so as to avoid the risks drive excellence every day.