How has the approach to internal audit changed in recent years?
Historically, internal audit is focused on identifying discrepancies and enforcing compliance. Today, internal auditors are adopting a collaborative mindset to build trust with their clients and drive positive organizational change. So, what does a collaborative approach to internal audit look like, and how can you build one?
Four Key Elements For a Collaborative Approach to Internal Audit
1. Building Better Relationships
-
- A collaborative approach helps internal auditors build credibility and trust with management.
- Effective communication and collaboration can lead to better alignment with organizational goals and more valuable audits.
2. Building Trust
-
- Establishing trust with management encourages openness and transparency.
- When auditors are seen as collaborators, management is more likely to share information and implement audit recommendations.
3. Driving Change
-
- Constructive communication of audit findings increases the likelihood of management applying recommendations.
- Internal auditors can help optimize processes, recommend best practices, and provide ongoing support.
4. Balancing Independence and Collaboration
-
- Internal auditors must maintain their independence while being active members of the organization.
- Reporting directly to the audit committee, defining collaboration limits, and performing routine independence reviews help maintain objectivity.
A collaborative mindset is essential for internal auditors to support the organization’s long-term success and navigate complex issues effectively. If you have any questions about how internal audit can help your organization, please contact our team at [email protected].
About Schneider Downs Risk Advisory
Our team of experienced risk advisory professionals focus on collaborating with your organization to identify and effectively mitigate risks. Our goal is to understand not only the risks related to potential loss to the organization, but to drive solutions that add value to your organization and advise on opportunities to ensure minimal disruption to your business.
Explore our full Risk Advisory Service offerings or contact the team at [email protected]
