In this changing environment, internal audit teams have an opportunity to help organisations manage the most-critical risks and opportunities while maintaining their resilience, explains Eddie Best.
As businesses are moving beyond the current climate, the key expectations of the role of internal audit remain unchanged: “provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively”1.
Organisations are dealing with new challenges that demand prompt responses within a short timeframe. What are the options for internal audit teams as the risks and control environments change?
Your response to the current situation will depend on the context of your business environment. Here are some actions that you can take now to help in the for the short-to-medium term:
The internal audit risk lens has never been more important and there are opportunities for teams to re-imagine the way audit fulfils its role and shows true value to stakeholders in this period of uncertainty.