In response to new challenges, changes and expectations within the business environment, internal audit functions are striving to provide greater value as a key component of the organization’s governance framework. Internal audit has emerged as an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. Effective internal audit functions help organizations accomplish their business objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management and control processes. This emergence needs to continue evolving, developing and changing to meet the dynamics of the business world.
Drawing from the Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing and our experience with leading internal audit functions, we provide 10 strategic priorities we recommend every public and private company – along with every government-sponsored and not-for-profit organization – employ in its internal audit function, whether it is in-house, co-sourced or outsourced.