There are many advantages that large audit functions often provide over smaller ones – bigger budgets, plenty of staff and resources, extensive training, robust best practices, broad industry knowledge, up-to-date technology – you name it. But there are also advantages to a small audit function, and considering that most internal auditors work in small audit functions, it’s key that those advantages aren’t overlooked.
Team members of small audit functions can quickly develop a broad range of experience and knowledge simply because less staff means the staff on hand see and touch it all. In that same sense, organizational layers tend to be less and those actually working on the audit are often in charge and/or working with management directly. Being close to the action – on all sides – has benefits of its own.
Managing on a small scale can be challenging, and the April 2015 Internal Auditor magazine article Small Audit Functions, Big Ideas* highlights a few methods internal audit functions can use to maximize their resources and talent:
- Cutting the waste and performing lean auditing
- Taking time with standards
- Looking for capacity
- Making the most of your situation
- Sharing knowledge with larger counterparts
In the article, Alyssa Martin, Weaver partner in risk advisory services, explains how working closely with management enables small teams to be more responsive – better tuning into needs and keeping the business strategy in sight.
Learn more about maximizing the benefits of a small audit function in the Internal Auditor magazine article.
*This article was reprinted with permission from the April 2015 issue of Internal Auditor magazine, published by The Institute of Internal Auditors, Inc., InternalAuditor.org.
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