Internal Audit – The Changing Landscape

Internal Audit function plays a very crucial role in an organisation’s corporate governance framework, internal processes and controls, risk management, regulatory compliance, financial reporting and overall assisting the board of directors (BOD) and senior management help fulfil their responsibilities towards the organisation and its stakeholders.

It acts as an intelligent and agile tool available with the Audit Committee of the BOD to discharge the duties bestowed upon them by the various stakeholders. Given its onerous duties, the Board/Audit Committee heavily rely on internal audit function to provide assurance to stakeholders.

In this publication, we have endeavoured to touch upon the key aspects of internal audit function keeping in mind:

  • Traditional success factors
  • Present trends and
  • An eye on the ‘Future of Internal Audit’ in the ever-changing business environment and digital arena.

We have also discussed

  • Understanding the evolution of internal audit over years
  • Key expectations from relevant stakeholders, and
  • A glance through the current regulatory framework around internal audit and corporate governance.

This follows by some insights on how internal audit function has joined the transformation bandwagon coupled with the impact of technology on the internal audit function including a topic on the relevance and operationalisation of Data Analytics as part of internal audit.

Lastly, we touch upon one of the core objectives of internal audits, i.e. ‘Value Addition’ in detail.

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