Three steps to transformation
Source: Ernst & Young
In recent years, Internal Audit has been focused on control and compliance efforts to address internal control requirements. Now senior executives and Audit Committees are looking for more.
As our survey suggests, companies want to broaden the role of Internal Audit. Executives want more than reliable assurance and efficient audits — they want to be able to turn to Internal Audit for subject-matter expertise and business insights into strategic initiatives, and for ideas that challenge existing practices and lead to ongoing business performance improvements.
It’s about finding the right balance among risk, cost and value. With it, Internal Audit can become an internal beacon for change across the organization.
As the economy continues to gain momentum toward a full recovery, there is no better time for Internal Audit to transform itself into a valued strategic asset that continues to rise in stature within the organization.