How about these as attributes of an ideal internal audit department?
A cool place to work.
A source of talent.
The talk of the office — "How come they have so much fun?"
The department people want to transfer to, but hate to leave.
The source of projects that are noticed, that will be told to the team’s grandchildren.
The internal consultants of choice.
Recognized internally and externally as leading-edge, more than world-class.
Fully leverages the continuous risk identification, assessment, and monitoring of the organization’s risk management processes (automated processes, by the way).
Fully leverages advanced continuous monitoring and auditing capabilities.
Praised by the audit committee and top management because they “help them sleep at night.”
Expanding into new and cool stuff, even if not traditional audit areas (e.g., process and control improvement — Six Sigma/Lean SWAT teams).
Where people are set free to choose an audit approach that stimulates and develops (choosing tools such as control self-assessment workshops, business intelligence dashboards, monitoring of key metrics, and red flag detection), as well as getting to the heart of the problem — tackling the root issues head on.
Where the customer says, “There has not been an audit I would not gladly pay for.”
Where internal auditing is seen by management as a competitive advantage.
How would you add to this list?