An effective Internal Audit function can not only magnify what the company already knows, but present new findings, offer new perspectives and provide new ways of gleaning such insights.
What makes an Internal Audit function worth a company’s while? It’s that matter of value. An effective Internal Audit (IA) function can not only magnify what the company already knows, but present new findings, offer new perspectives, and provide new ways of gleaning such insights.
KPMG and Forbes recently surveyed more than 400 Chief Financial Officers (CFOs) and Audit Committee Chairs on a host of issues regarding the performance, focus, value, and future of IA functions at their organizations. The findings call attention to a ‘value gap’ between what Audit Committee Chairs and CFOs identify as priorities and what they are receiving from their IA functions.
The survey responses do not only identify a ‘value gap,’ they point to specific actions that would elevate the value of the IA function and create a new standard of delivery by providing actionable insights into the risks that matter and increase the focus on emerging risks.