The internal audit strategy provides the foundation for development of an organization’s internal audit function. It acknowledges unique factors affecting the organization and aligns with its business strategies. The strategy is also articulated in the internal audit charter, which provides a framework of principles and objectives that guide all activity.
With the development of the audit function, an organization builds and maintains an in-house presence for continually monitoring risks associated with asset protection, loss prevention and compliance efforts throughout the organization. Through the execution of individual internal audits, controls and processes in place to mitigate risks are evaluated, enabling the organization to determine the effectiveness of those oversight efforts. Development of the internal audit function also gives the organization the necessary expertise for devising and implementing annual internal audit plans.
The Weaver Risk Insights document Developing a Continual Internal Audit Presence provides further guidance on implementing an internal audit function:
- Principles for development
- Applying risk assessment evaluations
- Using risk ratings to plan annual audits
- Staffing the internal audit function
- Residual benefits of development
For a discussion specific to your organization, please contact Alyssa Martin or Jody Allred, partners in risk advisory services.
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