The demand for value from the internal audit service by management and various stakeholders has increased in recent years and will continue to do so as management looks for a return on investment in an internal audit function (whether in-house or outsourced). This value is demonstrated in the output/results from the internal audit’s work in a formal audit engagement, consulting activity or informal advice. Our stakeholders will not see our workpapers, and frankly, they are not interested – they only want to see the value. It is these results that market the work of internal audit. Below some of the key elements that can help internal audit functions add value to organisations.
In conclusion, the internal auditor should not only be viewed as an internal control assurance provider but also as an agent of change. Each internal audit project is an opportunity to add value and market internal audit to stakeholders. Once the stakeholders and senior management understand and appreciate the role and importance of internal audit, they will trust the internal audit team and give them the “right seat at the high table”. This is never easy to achieve this – it’s a journey. Internal auditors should not lose heart.
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