Maximising the value and effectiveness of the audit function requires an understanding of an organization’s objectives, risks, risk management priorities, regulatory environment, and the diverse needs of critical stakeholders including executive management, the board, audit committees, employees, and shareholders. Ultimately, these needs determine the risk profile of the organization and the strategic focus of the organization, resources and practices required of its audit department.
Auditing
PROJECT DESCRIPTION
- You’re concerned that your audit function can’t keep up with the changing risks facing your business.
- You find it difficult to recruit and retain audit professionals in all of your key skill areas.
- You need to supplement your in-house audit function with specialist skills.
- Your audit function has insufficient resources to cover the geographic scope of your organization.
- Your organization considers audit to be a non-core activity so you want to find an external provider.
- You need to assess the effectiveness of your risk management, audit, and corporate governance procedures.