Maximising the value of Internal Audit: who dares wins
One of the biggest challenges internal auditors face is demonstrating the
value they add to an organisation. How to put a value on the strength
IA adds to the control environment, to the mishaps that didn't happen
because of IA intervention? The situation is further complicated by the
range of stakeholders that IA needs to deal with, and those stakeholders'
potentially different expectations.
We have put forward the challenge who dares wins because internal auditors may need to take steps to maximise their value and how that value is perceived. The ‘gap' between the value and the perception of that value could be caused by a number of factors, such as:
We have put forward the challenge who dares wins because internal auditors may need to take steps to maximise their value and how that value is perceived. The ‘gap' between the value and the perception of that value could be caused by a number of factors, such as:
- Stakeholder expectations - are they understood? Are there differences, for example between the views of the board audit committee and those of senior management? How are any differences resolved?
- Internal audit knowledge - IA's view of an organisation enables it to join the dots in a unique way and provide insights to management and the board audit committee which those groups might not otherwise be able to see.
- New or changed work practices - is there something extra IA can do that will make a big difference to the organisation? (Refer to Figure 1.1 for some ideas to consider - we do not suggest that you do everything in the box, but some of these might work for you.)
Of further interest