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Internal auditing: From police to partner

Outside the US, Europe and Japan, the channels of propagation of the crisis were different. Emerging market economies that had strengthened their banks’ capital levels in the aftermath of banking crises in the 1990s experienced no financial crisis per se. There were, however, knock-on effects through other channels. Along with the disruption to global financial markets, for example, came a decline in cross-border financial flows and a collapse in exports. We start by looking at the growth experience across an array of countries over the period. Figure 1 plots the year-on-year real GDP growth rates for 12 major economies starting. | Internal auditing From police to partner 26 August 2012 A PLUS Internal auditing has broadened from passive monitoring to the vital role of analysing and managing risk. George W. Russell asks internal audit experts about changing perceptions and what it means for the accounting profession Illustrations by Harry Harrison When Keith Stephenson started work in an internal auditing department he thought it was a backwater. I think back and it seemed that internal audit was the place you put people when there was nowhere else to put them he recalls. Internal audit was a function that didn t have great visibility. Stephenson now a risk advisory partner with PricewaterhouseCoopers in Hong Kong says times have changed dramatically since the 1990s. It s been a remarkable transformation. The internal auditor has been pulled out of effective obscurity 20 years ago into a high profile position. That transformation was evident in a recent PwC survey of 1 500 stakeholders worldwide which focused on the rising importance of risk management and the in creasing expectations of internal audit s contribution to the effort. The survey showed that company executives are calling upon internal auditors to identify and mitigate risks outside traditional internal audit core competencies. Monitoring fraud ethics data privacy and security have always been the duties of internal auditors. Now business continuity large project risk mergers and acquisitions regulations and government policy and reputation and branding have been added as areas that respondents said they expect internal auditors to oversee. Those tasks mark a departure from the old view of internal auditors as monitors -or worse. Internal auditors were regarded as guard dogs says Kim Chong the head of the internal audit division at the Hong Kong Monetary Authority and a member of the Hong Kong Institute of CPAs standards and quality accountability board. But I think expectations have changed. For the most part internal auditors .