The growing influence of large companies on society, business ethics, globalization and the increasing number of Azerbaijani companies entering business on a global scale are combining to make tougher demands on the level of corporate governance, internal control systems and internal audit functions.
Shareholders today expect more from their internal auditors than merely checking that a company complies with the requirements of legislation. The recent increase in interest in internal audit is due to its new strategic dimension — raising a company’s share value and involvement in all key initiatives, from implementing new systems to business restructuring.
Heavier risks connected with intensive business growth that require an efficient centralized internal control system, with tougher requirements of regulating bodies on the quality of financial reporting, such as the Sarbanes-Oxley Act in the USA, are the main external factors for changing the modern role of internal audit.
Lastly, a well-organised corporate governance system, one element of which is internal audit, raises a company’s investment attractiveness on the market.
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