Risk Insights: Strategy Formation Nurtures Internal Audit Value

Sound strategy provides the foundation for all internal audit activity, including development of the internal audit function, audit planning and execution of audits. Organizations gain considerable value from such activities.

The internal audit function provides the board of directors, audit committee and management with a means for monitoring risks associated with asset protection, loss prevention and compliance efforts throughout the organization. Through assessing risks, illuminating needs for mitigation, providing assurance for operational compliance and evaluating the effectiveness of internal controls, the internal audit function supports the organization’s overall enterprise risk management objectives. Internal audit findings then enable the board of directors and management to make more informed decisions, thereby enhancing organizational performance. The internal audit department’s monitoring and oversight activities also provide continual assurance to all stakeholders.

Strategy is crucial for ongoing internal audit internal activities. Learn more about forming a strategy for your organization through the Weaver Risk Insights document Strategy Formation Nurtures Internal Audit Value. 

For a discussion specific to your organization, please contact Alyssa Martin or Jody Allred, partners in risk advisory services.