The findings reveal a gap between what audit committees and CFOs want and what they get from internal audit. The biggest gap is in risk management. Only 22 percent of respondents said they get help assessing risks/risk management practices, while 57 percent said that would be most valuable.
What makes an internal audit function worth a company’s while? An effective internal audit function can not only magnify what the company already knows, but present new findings, offer new perspectives, and provide new ways of gleaning such insights.
Making value real
The subject of value is one that is widely mentioned throughout business topics and arenas, but is often discussed in abstract. “Added value” seems to be the common denominator of desired outcomes in many surveys of this kind, but rarely results in measurable impact. The challenge, therefore, is to make value real.