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Nine ways to strengthen Internal Audit’s impact and influence in the organisation
Among the most disturbing findings in the 2016 Deloitte Global Chief Audit Executive Survey – 2016, is Internal Audit’s lack of impact and influence within the organisation. Only 28 percent of the surveyed Chief Audit Executives (CAEs) believe their functions have strong impact and influence in their organisations, while 16 percent felt that Internal Audit has little to no impact and influence.
Key takeouts from this report
Boards, Audit Committees, Senior Executives, Risk Managers and the organisations need Internal Audit’s best efforts in this time of ongoing disruption and increasing risk. They also need Internal Audit’s objective, enterprise-wide perspective and its rigorous observational and analytical skills in more areas than ever.
We have identified nine proven ways in which CAEs have responded effectively to stakeholders’ needs and, in doing so, increased their functions’ impact and influence.
These are not quick fixes or magical solutions, they require effort and commitment.
- Develop and launch a brand identity
- Link advisory activities to assurance work
- Provide cyber assurance services
- Audit the end-to-end risk management function
- Review the strategic planning process
- Adopt analytics
- Contemporise Internal Audit reporting
- Enhance Internal Audit’s skills and capabilities
- Heighten your personal impact
How can Deloitte help
Increasing impact and influence is not about changing Internal Audit’s focus just to stay current or using new techniques just to “wow” audiences. Impact and influence accrue over time, with each process that is improved, each cost that is reduced and each risk that is better managed. Focusing on the areas covered in this document, and on others that matter to your organisation, sets Internal Audit on a journey up the value chain. Along the way, compliance becomes more efficient, reporting more relevant and advisory more credible, useful and supportive. We have repeatedly seen that when Internal Audit dedicates its best efforts to what matters most, its impact and influence are inevitably enhanced.current or using new techniques just to “wow” audiences.
So, align your vision for Internal Audit with the strategic vision of the organisation, your resources, your stakeholders’ needs and your professional approach to stakeholders’ ways of working.