IAD Risk Assessment - Status of the Audit Function.
For more than three decades I have been actively working in IAD functions and/or partnering with them to create the most effective and efficient operations. That operational efficiency measure has given way to determining if these departments are truly focusing on the most critical risks their company must address. Too often departments get caught in a “drone army” mentality and focus on moving the audit coverage needle forward. While coverage should be considered, reviewing all aspects of department operations will prove invaluable.
Now, as companies and their employees are developing plans to resume normal business activities, this is an excellent opportunity for audit departments to consider how effectively they execute their corporate responsibilities and how much risk assessment permeates their audit methodology. The audit risk barometer (ARB) I have created allows departments to independently and objectively examine their operations through six distinct categories and deliver an actionable plan to address areas for improvement.
The risk barometer takes an in-depth look at your department from a foundation to value delivered perspective with four supporting categories in between. Included will be an analysis of your team, execution precision, data utilization, and services provided. Upon completion, the department will receive an overall risk assessment score, as well as, a blueprint to address areas for improvement and the necessary training to effect change.
Reach out and in partnership we will identify gaps in your process and develop focused actions to transform your department and ensure your team consistently delivers value to clients linked directly to the achievement of their business objectives. The AUDIT RISK BAROMETER may drive candid - occasionally uncomfortable - conversations. But we recognize the negative effect of routine and work to eliminate the consequence of inaction. Time is the commodity we invest. Experience is our currency.
As an organization we share a common belief. Our clients success is the only valid measure of our own.