January 25, 2012 1:13:40 pm
Traditional Internal Audit Role Expanding to Provide Valuable Insight to Businesses
According to a survey of more than 500 audit and compliance professionals, internal auditors see their role evolving to include more active participation in their clients’ organizations. Risk management assessment and increased data analysis through the use of new technology are two areas with which auditors expect to expand their traditional roles.
Specifically, audit analytics, continuous auditing, continuous monitoring and fraud detection are trends among the professionals surveyed. The majority preferred that businesses not only implement these practices with a specific audit objective, but then also perform these functions as part of their risk management and process control systems. Nearly 70% of the respondents indicated continuous monitoring was the most desired area of expansion to better serve their clients.
Audit analytics allow auditors to examine entire populations of financial transactions rather than single transactions. The resulting data provides auditors with more insight into fraud, errors and non-compliance issues than traditional auditing practices, and can provide audit committees, CROs, CFOs and operational leadership foresight into implementing better practices.
For more on the survey results and the benefits of these trends, please see Business Finance Magazine.
Tags: Internal Audit
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