As per Deloitte’s Audit report for 2019, internal audit having the most and influence in their organization and influence in their organization also tend to be the most innovative.
Internal Audit (IA) is a crucial function useful for adding value and enhancing the performance of any enterprise.
These days, the success of every business depends upon its team and efficiency. The organizational pyramid needs specific periodical coaching to enhance the effectiveness of its employees.
Furthermore, it is a consulting activity which aims to increase the firm's production and add value to the work. This process is not only beneficial for the organization to achieve its goals but also makes a disciplined strategy that develops the organization's effectiveness. It directs, improves, and controls the risk management and governance methods. Furthermore, IA deals with problems that are related to the continuation and success of any company.
As per the survey of 2019, Internal Audit and Compliance Survey of 2,000 administrators explain that as businesses move through digital transformation, internal audit functions that are more effectively help their stakeholders make healthier decisions, and take intelligent risks.
The following are some common ways that will provide you support to enhance internal audit performance. So, let's take a look:
1. Don't depend on Email
An email should be used to keep people aware of regular activities. When an email is employed to inform or get a commitment for action, chaos happens.
Telephonic communication and a face to face conversation need another party to commit to an action. In this instance, the auditor can check that the audit client will send the requested documentation at a particular time, tell them that they are not the right person to pull the document, or in the best case scenario, recall them that they’ve previously sent the documents.
2. Improved business continuity plan assessments
Whether you are running a small business or big business, it doesn't matter, but business continuation is a must to achieve your goals. Key objectives of business continuity audits should include:
- Analyze strategies, current recovery, documentation, planning, and methods.
- It supports remediation actions to enhance recovery abilities and enhance the performance of related activities.
- Determine notable deficiencies.
High-value areas during business continuity audit incorporate:
- Identifying if time and capital investments are efficient.
- Evaluating gaps between the functional recovery plans and recovery time objectives, and recovery point objectives of different technical systems.
3. Continue leveraging technology
To increase the production of the internal audit, firms can make tricky plans to leverage technology and recognize critical stakeholders throughout the organization. Also, businesses can combine analytics throughout their audit methodology, improve analytical testing goals, and choose common audit areas for analytics testing.
A large number of industries use a continuous monitoring approach, but combining a constant auditing framework is considered to increase value. Continuous monitoring is implemented by management, while continuous auditing is an automated, continuing process that lets internal audit to give the best coverage easily and at an affordable price.
Internal audit is essential to maintain a sound quality system, which is vital for the progress of any organizations. So, give the highest priority to enhance the performance of the internal audit.
As you make your internal audit plans for the coming year, make sure that you have viewed all of the risks confronting your business and discuss them with your audit committees and executive management. However, it does give a valuable benchmark as you see what may lie ahead in 2020.
How can we help you?
If you worry about the data security in your company, then Oracle’s PeopleSoft applications can offer you the best solutions. They deal in PeopleSoft security and PeopleSoft auditing, which can support you to maintain the safety of confidential data such as employee salaries, performance reviews, or home address.
Our internal audit experts look strategically at how firms can add value, decrease costs, and increase productivity. We, at Sentinel software, provide support to hundreds of companies to increase the strategic importance of their internal audit investment. Feel free to contact us.