Internal audit functions are essential to good business because the right auditing system and team can save money, find your business blind spots and provide much needed perspective. But a STRATEGIC Audit Plan is critical to using your audit team for the best results.
Like any other part of a business, your internal auditing group needs to put in place a short and long term plan that can meet your needs.
It starts with a close look at the expectations for the audit function and is followed by a clear and concise statement of your mission for audit activities. Sound familiar? That’s because the process for setting up a Strategic Audit Plan runs parallel to any other business initiative.
Given the global economic changes, downturn and risks, now is the best time to conduct a business review so that your business is prepared for the challenging and unpredictable times ahead. In fact, PriceWaterhouseCoopers, LLP is advising that audits of organization systems, policies and procedures in a number of key areas is more critical now than ever before.