Earlier this year, ACL’s Vice President of Product Strategy and Alliances, John Verver, was featured in BusinessFinance discussing the trends of Internal Audit working more closely with the audit Committee. John shares how Internal Auditors can provide their companies with advice on how to implement automated monitoring of controls and transactions.
As we close out 2012, we are delighted to see that this article was chosen as one of the Top Ten BusinessFinance Stories for 2012.
Here’s an excerpt.
The traditional role of internal auditors has evolved considerably in recent years. While still being conscious of the responsibility to provide an independent assurance function, the trend is for internal audit to work more closely with the business and to establish greater relevance to what matters most to the organization. Evidence of this is found in internal audit’s increasing focus on assessing the effectiveness of an organization’s risk management processes, as well as bringing specialized data analysis technology into the audit, fraud detection and compliance arena.
Surveys by the internal audit profession have identified repeatedly that increasing the use of technology, specifically that for audit analytics, continuous auditing, continuous monitoring and fraud detection are among the top priorities for auditors. ACL’s benchmarking survey identifies that while this trend continues, the majority of auditors now consider that the ideal state is for the business to be performing similar techniques as part of their responsibilities for managing risks and maintaining effective control systems.