One of the fun things I do is use Twitter to monitor events, surveys, articles, and publications about internal audit (if you are interested, you can follow me here.
This morning, I came across an interesting article in The Hindu Business Line. I recommend a careful read to see how your internal audit function stacks up against the expectations described by the author, who is from PwC.
Here are a few quotes of importance:
The economic crisis has led to an increased attention on improved risk management for regulators, rating agencies, and boards. This represents an opportunity and a challenge for internal auditors.
Most of the internal audit departments can increase their support to corporate governance in a number of areas. Assessing key enterprise risks, measuring risk-mitigation effectiveness, assessing ethics and codes of conduct, and reviewing and assessing IT governance are among the top activities performed for boards and audit committees.
The gap between what internal auditors deliver and what their stakeholders expect is definitely growing... As internal audit confronts new and continually changing needs and expectations, it must take the initiative to redefine its role. That means expanding its skill sets and preparing to take a leadership role as a more powerful resource for senior executives, directors and boards in aligning strategy and risk identification, control and mitigation.
The author also talks about considerations when "offshoring" part of your internal audit function, but the point about redefining internal audit's role is my primary interest.
What do you think?