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Home  News Future trends and leading practices for internal auditors
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Future trends and leading practices for internal auditors |
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Ernst & Young released the 2007 Global Internal Audit Survey in November 2007. The Chief Audit Executives of 138, mostly public, companies in 24 countries participated.
The key findings are: - Stakeholder expectations are incresing with greater focus on enterprise-wide risk assessment and business and operational risk
- In implementing enterprise-wide risk assessments, as well as covering of key risk areas, there is an opportunity for Internal Audit to improve coordination with other risks management groups within the company
- People are still the foremost challenge for Internal Audit functions around the globe: recruiting, retooling, developing, and retaining the right skills
- Industry, IT, fraud, and business and operational risk are the specialized skills most difficult to recruit and retain. These are also among the areas which respondents indicated pose greater risks to their companies
- There is an opportunity for Internal Audit to better leverage technology and knowledge collection/sharing tools to improve effectiveness and efficiently significantly.
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Professional Practice |
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The ACFE, AICPA, and IIA have released an exposure draft of a joint project regarding guidance to organizations on establishing an approach to managing the risk of fraud. The paper will be open for comment through December 21, 2007. |
 The IIA has updated Practice Advisory 2030-1: Resource Management. The update expands the previous Practice Advisory and provides further clarity on resource management. |
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The IIA Research Foundation condected a survey titled Ëxternal Quality Assessment to identify the results, tools, techniques and lessons learned from organizations, which had recently undergone the exerternal Quality Assessment according IIA Standard 1312. |
The IIA has amended four Practice Advisories to provide clarity on developing and maintaining a quality assessment program of internal audit activities.
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