In many organizations a growing audience of stakeholders is expecting more from internal audit. They expect internal audit to align with business strategies, chart a course forward, and launch efforts that will fulfil existing and emerging needs.
Stakeholders want internal audit to assure, advice and to anticipate. They want assurance that controls are working properly, to advice on enhancements and operational issues, and to anticipate and provide insights on risks to the organization.
Boards and senior executive teams now want internal audit to go beyond “table-stakes” audits. Table-stakes audits allocate too many resources to low-impact areas and too few to high-impact areas of the business.
But, generally, low-impact areas involve well-established systems and controls, and well-known risks and issues. These areas must be addressed, but they should not divert resources from high-impact areas. Given the current risk environment, disruption across industries, and mounting pressures on organizations, this much is clear: Internal audit is headed for a leading role on a bigger stage in a brighter spotlight than ever before.
In this paper "Internal Audit Insights High impact areas of focus 2016-2017" Deloitte has flagged 10 areas along with potential steps for you to consider in upcoming audit plans to ensure you are looking good in that spotlight.