CBOK Stakeholder Report: Relationships and Risk

The profession of internal auditing has been making great advancements in performance, positioning, and perception. The CBOK 2015 stakeholder study confirms these advancements but also highlights opportunities for internal audit to push even harder, moving to the next higher level of value for organizations. This report focuses on providing initial findings specifically from North America. While there is much to be explored in the survey responses, at a high level, a clear picture emerges regarding the importance of risk and relationships. Specifically, in the eyes of stakeholders:

• Internal audit does many things well that could be considered foundational elements of the assurance work of internal auditing.
• There are opportunities for internal audit to add value to their organizations by spending more time focusing on risk identification and management in addition to assurance work.
• Internal audit should focus more on strategic risks, but exactly what the stakeholders mean by that is less than clear or consistent.
• Increased demands on internal audit will require chief audit executives (CAEs) to prioritize competing demands. Managing these conflicts requires strong relationship and communication skills.

A brief discussion is provided for each of these topics. Future CBOK stakeholder reports will delve deeper into the feedback from internal audit stakeholders and the implications.