How internal auditors can be more effective
A recent NUS-ISCA study highlights three areas which need to be addressed: the use of risk-based audits; the judicious use of outsourcing; and ensuring internal auditor independence.
Add BT as a preferred sourceINCREASINGLY, audit committees (ACs) are facing heavier responsibilities as they manage conflicting expectations from shareholders, regulators, and a myriad of stakeholders.
In this demanding context, the AC cannot perform optimally without the support of an effective internal audit function. This was the clear feedback from a majority of AC chairmen of large and small listed companies in a recent study by the National University of Singapore (NUS) and the Institute of Singapore Chartered Accountants (ISCA).
The same respondents also felt that the effectiveness of their companies' internal auditors (IAs) could be improved. Three areas stand out in their views of how this can be achieved: the use of risk-based audits; the judicious use of outsourcing; and ensuring IA independence.
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