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Step Up A Gear

Step Up A Gear. Has Internal Audit achieved the status and value that it seeks ? Malta Forum for Internal Auditors 26 October 2011. Where is Internal Audit now? Have we achieved the status and value that we seek?. Have we got more to address?. My hypothesis.

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Step Up A Gear

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  1. Step Up A Gear Has Internal Audit achieved the status and value that it seeks? Malta Forum for Internal Auditors 26 October 2011

  2. Where is Internal Audit now?Have we achieved the status and value that we seek? Have we got more to address?

  3. My hypothesis • Internal Audit has come a long way • Things change: • Economy • Technology • Competition • Danger that Internal Audit cannot keep up with the change • Must engage with • The business • Senior Management • The Board • We probably think we have come further than the Board does Knowledge of the Business is Key ENGAGE With The Business Internal Audit must demonstrate understanding

  4. Lifecycle for meeting shareholder expectations Source: IIA Global

  5. Non Executive Directors and the Management of RiskA Survey of Heads of Internal Audit IIA UK & Ireland, September 2011 http://www.iia.org.uk/filemanager/root/site_assets/ned_survey_summary_analaysis_final_2_.pdf

  6. Do you have meetings with NEDs other than those who are members of the Audit Committee?

  7. Do your NEDs commission specific reports from your department in addition to your regular reports to the Audit Committee?

  8. Do you believe NEDs in your organisation have a good understanding of the role of internal auditors? Audit Committee Other NEDs

  9. Adding Value while Shopping, an example • Auditor observed an issue in a store • Flagging it to management • Did not take no for an answer • Escalated the issue • Get CEO buy in and made a difference ! • Significant savings for future discount events

  10. In Conclusion • Internal Audit’s profile continues to grow • Internal Audit can and does add value But, • There is more to do to convince and engage senior stakeholders • Knowledge of business is key It is time for us to step up a gear and demonstrate our value

  11. Thank You I welcome your questions and comments rachel.bowden@rsmtenon.com Telephone: +44 1952 231169 Mobile: +44 7966 090171

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