Something to Consider September 2017 3
Internal Audit and Agility; Like chalk and cheese or a match made in heaven? Traditionally Internal Audit would not be the first department to spring to mind when agility in business was mentioned. However, in a recent report by PwC, only 44% of internal stakeholders believe that their Internal Audit function is adding significant value!
It is clear then that in the wake of sustained, rapid change and disruption, the traditional approach of looking in the rearview mirror is no longer suited to the current business environment.
Can “Agile” principles be applied to audit? Internal Audit departments need to be looking ahead in a proactive and predictive way, to prepare business leaders to identify and manage changing risks and opportunities, crucially by also working in tandem with other risk and compliance entities, including cybersecurity. This will enable auditors to move from perceived overhead to trusted advisor.
The article and report are interesting reads and could be a ‘wake-up call’ to some audit functions! Click here to read the article – Seven Keys to the Unthinkable
Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.