The evolution of internal audit from a function primarily concerned with financial risks to one that covers a broader array of risks is compelling companies to look for internal audit leaders with more diverse backgrounds and work experiences, who bring to the post a broader set of skills. Management, audit committees, regulatory demands, and even internal auditors themselves often bring different, sometimes competing, perspectives regarding how the internal audit function can best serve the company’s needs. As the internal audit profession adapts to these new demands, it must overcome some challenges and seize on new opportunities.
In this e-Book, produced by Compliance Week in cooperation with ACL, we consider the changing role of internal audit and the forces that are transforming the function. We also look at some of the external factors that are affecting internal audit, such as new regulatory requirements and the market for talent.
First, we look at how the improving economy and increased regulatory burden is creating shortage of individuals with the necessary skills, pushing up audit costs and making it harder for companies to staff internal audit shops. Next we look at the complex job that internal audit has of serving many masters while at the same time preserving its independence. Then we look at how data and technology are shaping a brave new world for internal audit. Finally, we look at the job of internal audit to investigate fraud and the tricky situation of what happens when internal auditors become whistleblowers.
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