Today's demanding business and regulatory environment requires an evolution in the way internal audit does its work and interacts with its stakeholders. It's an opportunity for internal audit to up its game and relevance — and get stronger with a top-down approach and a finely tuned internal audit function.
Today's unpredictable business climate and challenging regulatory environment is raising the bar for internal audit performance. Obtaining a "Satisfactory" rating in a regulatory examination is no longer viewed as acceptable and regulators have been driving and expecting internal audit to achieve a "Strong" rating. Furthermore, boards and management are expecting internal audit to play a pivotal risk oversight role and be their eyes and ears on the ground.
This requires a fundamental shift in the business of internal audit and one that requires internal audit to be more relevant to the board and aligned with management's agenda. This article suggests areas of focus that can help you flex your internal audit muscle to meet today's demands.