Internal Audit is about more than policing compliance. It is an opportunity for organizations to tighten their controls and challenge the status quo to reduce risk and identify potential efficiencies and cost benefits across the organization.
Indeed, organizations that are able to achieve a truly ‘World Class’ Internal Audit (IA) function enjoy a wide range of competitive benefits such as improvements in internal control environments and enhanced risk management processes, to external audit efficiencies and a more confident Board.
But to move from a ‘capable’ IA function to a ‘World Class’ one requires executives and IA leaders to create an optimum balance between positioning, people and processes. It involves a wide array of considerations that must be aligned to create a function that can effectively add value across the organization.
Based upon KPMG’s work with multiple leading global internal audit organizations we have identified a number of key attributes that separate the truly World Class IA functions from the rest.