The evolving role of internal audit

  • The internal audit function is expanding from a traditional compliance role to an more strategic role.
  • It is critical that IA functions build a close working relationship with senior management and secures visible support from their audit committee.
  • IA functions also need to focus on addressing the technological advancements which will influence the audit process.

Businessman touching transparent screen showing piechart and word audit

In the eyes of an internal auditor, the internal audit (IA) function of the past, present and future look very different.

The IA function of the past typically played a traditional compliance role with a team of generalist auditors, churning out repetitive audits focused on financial and compliance matters to report to the audit committee and other stakeholders that the organisations processes and procedures were designed and operating effectively and in-line with relevant laws and regulations.

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