Considerations for impactful internal audit department
Competing in a rapidly changing world, companies must grapple with emerging challenges seemingly every day: new regulatory requirements, changing accounting standards, third-party relationship risk, and more.
All of these challenges bring both risks and opportunities. Identifying the fine line between the two factors is critical. Because only 10 percent of CFOs and audit committee chairs responding to the recent KPMG/Forbes “Seeking Value through Internal Audit” study feel their internal audit (IA) function adequately identifies and responds to emerging risk, the area is ripe for IA leadership. In fact, IA can play an important role in helping organizations manage the risk environment while making progress on strategic priorities.
An impactful IA function will stay current with wide-ranging business issues as they emerge so it can help monitor related risks and their potential effects on the organization. To provide the greatest value, IA must find opportunities to challenge the status quo to reduce risk, improve controls, and identify potential efficiencies and cost benefits across the organization.
To help IA functions achieve these goals, we present KPMG Internal Audit: Top 10 in 2018, which outlines areas where IA should focus so it can effectively add value across the organization and maximize its influence on the company.
To find out more about audit concerns in 2018, download the PDF Top 10 internal audit concerns of 2018.