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The Internal-Audit Function, From Step Zero

Dan Swanson | November 7, 2006

Internal auditing can provide managers and the board with valuable assistance by giving objective assurance about their organization’s governance, risk-management and control processes. Establishing a robust internal-audit function is a long-term and worthwhile investment for most organizations because an internal-audit department can act as an independent advisor for the board and senior management.

Where an organization has not staffed an internal-audit department the identification of the benefits and role(s) internal audit could play is the initial step. Where an internal-audit function has been in operation, a review of its recent performance to identify improvement opportunities is recommended.

An Executive Sponsor Is Critical

The organization will need an executive sponsor to lead the analysis of the many issues, benefits, costs, activities, and so forth, that are involved in establishing a new internal-audit...

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