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10 Imperatives for Internal Audit

In: Business and Management

Submitted By lswain08
Words 298
Pages 2
Journal of Accountancy
Title: 10 Imperatives for Internal Audit
Author: Ken Tysiac

This article discussed how internal auditing professionals must be go above and beyond to combat risks and threats in the business world of today. The Institute of Internal Auditors issued a report outlining ten main areas that internal auditors can improve upon to meet these challenges. The ten key areas were as follows: anticipate the needs of stakeholders; develop forward looking risk management practices; continually advise the board and audit committee; be courageous; support the business objectives; identify, monitor and deal with emerging technology risks; enhance audit findings through greater use of data analytics; go beyond the IIA’s standards; recruit, motivate, and retain great team members; and invest in yourself.
The first item up for discussion in the report is anticipating the needs of stakeholders. Internal Auditors should communicate more with business heads and other audit committees to better serve the clients expectations when developing audit plans. Another one of the ten key points that was addressed is being courageous in reporting to the stakeholders. Internal auditors should not be afraid to provide constructive criticism to the stakeholders and also be able to take what comes in return. The article states that Internal Auditors must be prepared to handle conflict. The last item in the report states that internal Auditors should recruit, motivate, and retain great team members. Having a diverse group of auditing intelligence that works well together is key in providing the most accurate information and best recommendations for businesses. The article goes on to state that some “organizations are issuing bonuses for motivation and retention”. Internal auditors play a major part in the success of businesses. In order to combat the growing risks,

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