tailieunhanh - Escalating the role of internal audit

Risk is an important aspect of any business operation. Without taking business risks, growth and profi t would be almost impossible. It permeates all of the fundamental business challenges companies face, from recruiting the best people to managing the business’ fi nance. However, the best companies are not those that avoid risk, but rather those that understand and control the risks they are taking. Audit committee’s and executive management’s expectations around risk management are changing as they continue to confront the growing uncertainty of today’s turbulent markets | all Ernst YOUNC Quality In Everything We Do Escalating the role of internal audit Ernst Young s 2008 Global Internal Audit Survey Contents The transformation of internal audit 1 Key findings 2 Governance 5 People 11 Infrastructure and Operations 19 What lies ahead for internal audit 32 From compliance to business improvement -the transformation of internal audit The internal audit landscape continues to progress -offering internal audit a more strategic role in the organization by focusing its efforts on business and process improvement. Risk and growth remain a priority for executives and audit committees in today s unstable business climate. Risk is an important aspect of any business operation. Without taking business risks growth and profit would be almost impossible. It permeates all of the fundamental business challenges companies face from recruiting the best people to managing the business finance. However the best companies are not those that avoid risk but rather those that understand and control the risks they are taking. Audit committee s and executive management s expectations around risk management are changing as they continue to confront the growing uncertainty of today s turbulent markets. As a result internal audit functions are being asked to raise their game and deliver increased value to the organization by covering the risks that matter. This means covering not only compliance and financial risks but expanding focus to include strategic and operational risk areas. Ernst Young s 2008 Global Internal Audit Survey examines the evolving role of today s internal audit function and how chief audit executives are meeting the heightened expectations of stakeholders. The results of this survey highlight the progress being made as companies transform their internal audit functions to become more strategically relevant with specific focus on three categories governance people and infrastructure and operations. Ernst Young s 2008 Global Internal Audit .