A New Strategic Position - Redefining Internal Audit in an Economic Downturn

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In the face of an economic downturn, organizations are dealing with unfamiliar challenges which have changed the imperatives for internal audit. While the focus over the past few years has been on regulatory compliance, organizations have now turned their attention to managing their operations and risks more efficiently.

Internal audit must now demonstrate its value beyond financial controls and compliance. It has to add strategic value by increasing the breadth of its focus and by addressing present business challenges, all of which needs to be achieved through an efficient and low cost audit process.

This paper discusses:

• How internal audit can refocus on strategic processes to add greater value
• How an internal audit plan should reflect the current state of the economy and incorporate a cost containment view