Internal Audit’s 2010 Themes
I just got off the phone with Approva Vice President Michael Evans.
As we were comparing notes on the state of risk management and compliance, Evans shared some insights he gleaned while attending The Institute of Internal Auditors 2010 General Audit Management Conference.
Actually, Evans has already shared many of the same insights in an “Audit Trail” blog entry, including a rundown of the event’s major themes:
• Theme #1: You Can’t Audit a Business You Don’t Understand
• Theme #2: To Get a Seat at the Table With Executive Management ,You Need to Add Value
• Theme #3: Internal Audit Needs to Shift Focus From What Has Happened to What Will Happen
• Theme #4: Risk Is Top of Mind But Enterprise Risk Management Remains Challenging
• Theme #5: To Reinvent Itself, Internal Audit Must Redeploy Its Resources
Each of those themes has cropped up in my recent conversations with internal auditors as well as IA vendors and consultants.
Of the issues that Evans identifies, I hear the most discussions concerning the need to look ahead (vs. looking back). This marks a challenge that everyone in corporate finance functions also can — or should — relate to. ###
April 1st, 2010 at 5:03 pm
All of these points are excellent and people should certainly take note.
One extension of the looking ahead point is the need to focus internal audit work on risks and related controls. While there is value in auditing transactions, that is auditing the past. When you audit controls and can provide assurance that the controls are adequately designed and operating effectively, that provides comfort on the future.
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