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Inside Internal Controls

News and discussion on implementing risk management

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KPMG studies ERM and gets some things right but misses the key point

There’s some good material in KPMG’s Enterprise Risk Management Benchmarking Study, subtitled Evolving to an active, integrated and agile approach amidst change and disruption.

 

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Advice for audit committees and oversight of external auditor

While it is clear that the role of the external auditor is important and that the audit committee is charged with their oversight, it is unusual to see advice on how that oversight should be discharged.

 

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Internal audit needs to perform in a way that matters to the board and top management

Internal audit can help leaders with assurance that their people, systems, and processes are able to deliver the desired results – and advice and insight on how to improve them further.

 

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Deloitte on internal audit and the path forward

Nine areas of focus have come out of the results of Deloitte’s latest survey of chief audit executives (CAEs) with recommendations for action. The survey, which has been widely reported, indicated that in the opinion of the responding CAEs only 28% of them “believe their functions have strong impact and influence in their organizations, while 16 percent felt that Internal Audit has little to no impact and influence”.

 

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How does your organization assess the effectiveness of internal audits?

Typically, the stewardship responsibilities of a board of directors include the identification of an organization’s principal risks, the implementation of systems to manage them, and the integrity of internal control and management information systems. Typically, an internal audit function plays a key role in assessing and reporting on these areas.

 

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