In an increasingly competitive environment, organizations need to stay one step ahead of their competition.
Without looking ahead, internal audit won’t get in front of the business risks that could negatively impact the organization or expose the board and audit committee to personal liability.
The function might not have the appropriate resources, people, skills, technologies or processes in place in the right geographies to address or avoid potential issues.
Additionally, internal audit will not contribute to the organization’s business objectives and, as a consequence, may lose its seat at the table and/or become a “check-the-box” function.
Without a long-term internal audit view that is aligned to the organization’s strategic priorities, internal audit will have less impact.
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