For the young, small or medium-sized company, it can be inherently difficult to measure the value of the internal audit. For example, upstream and midstream energy companies often employ fewer people and use less sophisticated administrative processes than similarly-sized companies in other industries. However, the unique circumstances faced by these companies highlight the need for risk mitigation, and savvy energy executives have found a way to leverage the internal audit to help define the company’s strategy and manage risk.
The Weaver Risk Insights document Maximize Your Audit addresses a few key questions about the opportunities to create strategic business value by expanding the reach of the internal audit function beyond traditional audits:
- Why is risk mitigation a priority?
- How can an internal auditor create value by identifying, assessing and responding to risk?
- Can an auditor really improve business processes and create new efficiencies?
- Why is it important for an auditor to provide executives with insight and objective advice?
- How can executives support the transformation process so internal auditors create value instead of police reports?
To learn more, read the Weaver Risk Insights document, or for a discussion specific to your organization, please contact Alyssa Martin or Jody Allred, Weaver partners in risk advisory services.
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