Title: The Current State of Internal Auditing: A Personal Perspective and Assessment
Abstract: Abstract Abstract Management may be ambivalent about what they expect from internal audit. Some management teams expect not much more than for internal audit to undertake ad hoc tasks to put out bush fires in the business, and have little expectation that internal audit should provide them with overall assurance about governance processes, risk management, and internal control. Some management teams are resentful of the growing expectations of boards that internal audit should be an extension of the boards' eyes and ears. There can be conflicts between internal audit serving the board and internal audit serving management. Here I explore what should be the responsibilities of internal audit and how the conflicts can be mitigated. I also consider the prerequisites for internal audit to provide an effective service for the board, and also for top management—including the organizational positioning of internal audit and its independence, the scope of internal audit work, and the qualities needed in internal audit staff. I draw on recent enhanced pronouncements on internal auditing. ACKNOWLEDGMENT This article is based on the keynote address to the annual internal auditing conference of Slovenski Inštitut Za Revizijo (The Slovenian Institute of Auditors), November 14, 2013. Except where attributed to others, the author alone is responsible for the views expressed in this article.
Publication Year: 2014
Publication Date: 2014-01-02
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 15
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