Audit Management

Internal audits are independent, objective bodies that audit and consult organizations so that they can generate added value and improve business processes. They help companies attain their goals by offering a systematic approach to evaluating and improving the effectiveness of risk management, controls and management processes. Audit management is conducted by experts with a vast understanding of the corporate culture, systems and processes. It provides assurance by showing if the existing external controls are adequate, management processes are effective and efficient, and organizational goals and guidelines can be achieved.

Objectives

The scope of internal auditing within an organization is very broad and may involve topics such as enterprise management, risk management and management controls of an institution:

Audit effectively

Ensuring that the methods and guidelines are followed correctly and efficiently across all legal entities, business units and processes.

Reduce effort

Reducing the time and work involved with external audits that are typically based on the results of internal audits.

Conduct Audits

Working as a leading authority for additional ad hoc audits that typically arise from sudden business problems.

Challenges

Growing expectations on the scope of the audit from senior management and the supervisory board/audit committee in spite of budget cuts and reduced personnel resources.
Tapping new fields that require highly specialized expertise (e.g. cybersecurity audits).
Positioning the role of auditors as trusted business advisors that help improve processes, procedures and guidelines – not as internal police.
Adapting competencies to new technologies and areas such as AI, cybersecurity and RPA.