Internal Audit’s perception moves more and more away from “policing function”
According to the IIA’s chief executive Ian Peters, auditors were previously perceived in the business as spies or the police for the business.However, according to a recent study, it shows that this perception is continually being enhanced to show the real value that IA contributes to the overall effectiveness of the business.
Peters continues to say that approximately 10% of Auditors are engaged in the implantation of Risk Management systems which can create conflicts of interest. He states: “If you’re not in the room when the discussions are taking place, how do you know where the risks, issues and concerns are?” said Peters.
“This is not spying on people, it is about having open access to do the job properly.”
The auditors should be checking the policies are themselves well implemented and managed.
The study shows also that over 56% of Finance firms have included IA as part of the overall Executive Board.
The challenge still presents itself in that Auditors who are striving to remain impartial are faced with pressure from key executives and management within their organisation.
Results also showed that 40% of Audit Heads did not feel completely comfortable in having regular meetings with the regulator even where there was no specific reason for such meetings.
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