Internal Audit's 2010 Themes

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I just got off the phone with Approva Vice President Michael Evans.

As we were comparing notes on the state of risk management and compliance, Evans shared some insights he gleaned while attending The Institute of Internal Auditors 2010 General Audit Management Conference.

Actually, Evans has already shared many of the same insights in an “Audit Trail” blog entry, including a rundown of the event's major themes:

Theme #1: You Can't Audit a Business You Don't Understand

Theme #2: To Get a Seat at the Table With Executive Management ,You Need to Add Value

Theme #3: Internal Audit Needs to Shift Focus From What Has Happened to What Will Happen

Theme #4: Risk Is Top of Mind But Enterprise Risk Management Remains Challenging

Theme #5: To Reinvent Itself, Internal Audit Must Redeploy Its Resources

Each of those themes has cropped up in my recent conversations with internal auditors as well as IA vendors and consultants.

Of the issues that Evans identifies, I hear the most discussions concerning the need to look ahead (vs. looking back). This marks a challenge that everyone in corporate finance functions also can -- or should -- relate to. ###

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GRC expert Eric Krell supplies the Business Finance community in-depth articles and commentary examining governance, risk, and compliance.

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