|
|
As part of the research for this report, chief audit executives (CAEs) were asked to provide insight into how they balance assurance responsibilities with the types of consulting and advisory work that boards and management teams increasingly are requesting from their internal audit function. Audit executives described an ironclad commitment to maintaining internal audit objectivity and prioritizing internal audit’s assurance services over all other activities. However, the need for internal audit objectivity does not preclude them from successfully providing a wide range of internal audit advisory services, according to the report.
CAEs whose audit functions devoted 20 percent or more of their resources to advisory work said that it is not difficult to maintain objectivity as long as a handful of key practices are followed. Those practices are described in the report.
The consulting practices and approaches shared by the audit executives are compelling reading, in large part because of the benefits that resulted from their approaches — benefits for both the internal auditors and for the organizations and stakeholders they serve.