Much like explorers in extreme conditions who must continually manage through risk and uncertainty, companies have come to accept that market volatility and complexity, along with political and regulatory change, are here to stay. Yet, in this greater risk context, many internal audit functions are not keeping pace, and companies face a major challenge in determining their strategy for internal audit and realising value from their investment.
Are audit committees and management requiring enough of internal audit? Are they satisfied with the status quo? Or, given the rapid increase in the number and types of risks organisations face, should they encourage internal audit to reach for new heights and play a more valuable role? And, if they require internal audit to reach for greater heights, is internal audit prepared with the right capabilities to take this journey?