This he said while addressing the inaugural session of a three-day SAARCFINANCE Seminar on Internal Audit
in Central Banks-Methodologies and Practices held at National Institute of Banking and Finance (NIBAF), Islamabad.
Governor State Bank of Pakistan Ashraf Mahmood Wathra also highlighted some recent initiatives undertaken by the Central Bank such as imparting focused subject area trainings to auditors for further enhancing their functional knowledge, shifting of audit methodology from compliance based auditing to risk based auditing so as to target high risk business areas, capacity building of internal audit
by maintaining pool of experts, to name a few.
As companies undergo significant change to their operations and models, internal audit
functions should be at the forefront of where the company is going, not where it's been," said Jason Pett, Internal Audit
Services Leader for PwC.
One way for internal audit
to provide more value in this environment, according to the Grant Thornton report, is to use compliance activities to contribute in strategic, operational, and financial risk areas.
The Impact of Internal Audit
Function Delays Middle-East Journal of Scientific Research, 10(3): 389-397.
Leading internal audit
functions are also reviewing the company's overall risk management processes and working with management to continually improve these processes.
a guide to reporting internal audit
results and follow-up
To meet these standards and enable the supervisor to manage the Department of Internal Audit
in a manner that can achieve these goals, the following have to be considered:
This has been a particular concern since the enactment of Section 404 of the Sarbanes-Oxley Act of 2002, which has resulted in internal audit
functions devoting more resources to evaluating and improving internal controls.
Oftentimes internal audit
will be able to help corporate leaders identify, assess and monitor progress against items on this list and identify opportunities for business performance improvements.
Rapid developments and change in markets, industries and technology has caused a new role of the internal audit
Improving the quality and effectiveness of internal audit
processes - Delivering effectively to stakeholders - Maximising the efficiency of your internal audit
activities - Ensuring the internal auditor is part of the organisation in achieving business goals - Increasing your auditing skills to minimise and prevent fraud - Understanding the current internal auditing standards in India - Insights on the latest emerging technologies - A look at the challenges faced by regional and international auditing - Design and implement an appropriate risk management framework