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Inside Internal Controls

News and discussion on implementing risk management

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IIA

How effective is your internal audit function? Is it world-class?

When I became a CAE, I started by benchmarking against firms that had a great reputation, either for their business practices or internal audit departments. That is still a good idea and I recommend it.

 

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Effective monitoring of internal controls is critical

If the most serious internal control violation is a failure to implement internal controls in the first place, the failure to monitor existing internal controls is a close contender. Identify where in the organization effective monitoring occurs and leverage those successes.

 

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