On Wednesday, 20 May the Board Leadership Center organized a webinar on enhancing the value of internal audit for boards.
Internal audit was designed to add value, and while providing assurance to the board and audit committee is its main task, internal auditors are also supposed to provide advice and insights to management. A regular discussion between internal audit and its stakeholders regarding its priorities is important if it wants to be perceived as adding value.
Based on our cross-sector experience, we have identified three main areas where internal audit can focus to provide enhanced value:
1. Internal audit’s interactions within its eco-system: Internal audit should play a leading role in achieving a good integration of the governance, risk, and compliance (GRC) activities.
2. How internal audit operates: Dynamic auditing consists of agile auditing on the one hand and using technology and data analytics on the other.
3. What internal audit delivers: Internal audit should bring enhanced insights in new risks and emerging trends and a stronger strategic alignment.
If you missed the webinar or would like to revisit some of the sections, we invite you to watch the recording and download the slides. If you have any further questions or comments, do not hesitate to reach out to the relevant experts listed below.
The Board Leadership Center offers non-executive and executive board members and those working closely with them (including CROs and Heads of Internal Audit) a place within a community of board-level peers and access to topical seminars and ‘lunch and learn’ Board Academy sessions, invaluable resources and thought leadership, and lively and engaging networking opportunities.