5 Attributes of Internal Audit Excellence
Internal audits are done to assess a company’s internal controls, governance, and risk management system to ensure its effectiveness. An excellent internal auditing process needs to possess the following attributes in order to deliver results:
Business alignment
Internal audit processes should have a clear understanding of the company’s strategic direction so it can clearly define the value it wants to deliver to an organization. This can be achieved by staying updated on the business’ goals, objectives, and decisions.
Risk awareness
One of the major internal audit functions is to ensure regulatory and legal compliance. Excellent internal auditing invests time in performing dynamic risk assessments to pinpoint critical risk factors that can negatively affect business operations. Risk assessment methods should also be flexible and adapt to business changes to stay effective.
Resource awareness
Internal audits should have a clear understanding of interdepartmental relations, and a good grasp of employee capability. This is achieved through one-on-one feedback sessions, surveys, and interviews. In doing so, managers and supervisors can work to provide additional training and support where necessary. Internal audits with effective communication protocols can help with business alignment efforts and overall risk awareness.
Adaptability
Considering the numerous aspects of a business operation, having only one internal auditing process is impractical and ineffective. An excellent internal audit software can be easily customized to adapt to a variety of needs; streamlining your entire internal audit process for maximum efficiency.
Advanced technology
Excellent internal audits should be efficient, and utilizing the right technology can optimize internal audit processes for maximum returns. Good internal audit software can automate what would normally be manual processes such as data storage and organization, as well as internal and external reporting to help companies stay cost-effective.
A good internal audit process is an invaluable asset since it helps businesses achieve and maintain optimal performance for maximum results and zero non-compliance. With iAuditor as your mobile audit software, you can take advantage of a versatile, easy-to-use platform to streamline your internal audits and get more done with less effort and time. Try iAuditor for free today.
