The challenges of recent instances have highlighted how the internal audit feature remains a trusted consultant for corporations. It have functions which have effectively helped the companies navigate via risks during the pandemic are guided by using 3 key concepts – agility, speed, and the potential to hold value-effectiveness.
1. Speed
Internal Audit has traditionally issued audit reports after completing audit fieldwork, and consequently, it may have been relatively slow in raising issues requiring immediate attention from management. The fact is that the internal Audit has to improve troubles with control continuously during the Audit via interim reports or memorandums. Internal auditors should also consider in their audience by preparing audit reviews that can be concise and extra centered on getting management attention.
2. Value-effectiveness
Internal auditors are always under pressure to do extra with less. To that effect, internal auditors have to be higher at utilizing statistics analytics to improve their audits’ effectiveness and performance. By understanding records using information and visualizations, internal auditors may also analyze records and look for patterns that identify which issues require on the spot attention.
3. Agility
Internal audit practitioners have traditionally performed their risk assessments on an annual foundation and evolved their yearly audit plan accordingly. However, conducting risk assessments on a more regular foundation – quarterly or continuously- ensures that annual audit plans reflect current risks to satisfy stakeholder expectations. For the duration of these uncertain instances, while organizations are required to update risk assessments, and yearly audits quickly plans to cope with the business, economic, and health risks associated with the worldwide pandemic, this agility has established vital to the enterprise’s internal auditors’ guide.
Keeping these three principles in mind, you can deliver value, especially during these turbulent times continuously.
With any doubts or guidance regarding the Internal Audit of your firm, AM Audit will provide you with a free consultation on a phone call.
