PracticeAuditBig business looking to ‘upgrade’ internal audit

Big business looking to 'upgrade' internal audit

Internal audit needs to align interests with stakeholders

Chief executives across diverse industries are intending to upgrade their
internal audit departments, according to a study by PricewaterhouseCoopers.

Brian Brown, leader in internal audit services at the firm said: “CEOs across
all industries are looking to upgrade their enterprise-wide risk management
capability to better prepare for success in what is expected to continue to be a
very challenging business environment. Needs and expectations for internal audit
have never been higher, so the key question is whether internal audit is
delivering.

The study reveal critcial risks, aligning internal audit’s interests with
those of stakeholders and then reforming the staff to match those interests as
the keys areas of concern.

Brown said: “for an internal audit team to assume the role of strategic
partner, members must employ highly experienced and skilled professionals who
can pinpoint trouble spots, synthesize a lot of data, better utilize technology
and help the organization be more successful in a very challenging business
environment.”

The study involved a survey of 2,000 executives across 50 countries.

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