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The Strategic Role of Internal Audit

Recently, Ernst & Young commissioned Forbes Insights to conduct a global survey about the evolving role of Internal Audit.  In the survey, 96% of respondents indicate that their Internal Audit function plays an important role in their overall risk management efforts.  But, does the value stop there?

The Forbes Insight survey concludes that by looking beyond processes and controls, Internal Audit can play an essential advisory role within the organization.  Internal Audit helps leaders identify enterprise-wide cost efficiencies, provide strategic insights that improve business performance, and provide key insights that focus on the risks that matter.  Here are some key points needed for Internal Audit to realize this transformation:


  •  Align itself with the organization’s key business objectives

  •  Improve audit efficiency and effectiveness, and streamline processes to drive cost savings

  •  Offer broader risk coverage and be proactive about current and emerging risks

  •  Enable cost efficiencies across all business units

  •  Identify and employ the right internal and external skills

  • Create competitive advantage by contributing to sustainable business improvements


PwC’s 2015 State of the Internal Audit Profession uncovered four significant factor that enable internal audit to contribute to organizational strategies:


While it may not yet be universally recognized, Internal Audit has the skills and opportunity to drive value in all aspects of an organization.