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Think beyond your annual audit plan - Overview - EY - Global

Think beyond your annual audit plan

Creating a comprehensive internal audit strategy document

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To remain relevant to the organization, she needed to think more broadly and strategically about the internal audit function.

Melanie S., the Chief Audit Executive (CAE) at XYZ Technology Group, realized that today marked her two-year anniversary in the role, and she looked back at her first weeks on the job.

XYZ’s acquisition of AttaBee Innovations — a company Melanie had been with for more than 20 years — had doubled XYZ’s size and had made it one of the largest manufacturers of laser diodes in the world. XYZ’s Audit Committee Chair recognized value in the way AttaBee’s internal audit function helped the board monitor key business risk and offered recommendations to improve business process performance.

The Audit Committee Chair asked Melanie to set XYZ’s audit function on a new course for the future. Melanie’s first priority was to conduct an enterprise-wide risk assessment. Her next goal was to initiate a 12-month internal audit transformation.

XYZ’s internal audit function had traditionally been focused on compliance. Melanie was determined to elevate her function’s role within XYZ to one of strategic advisor while maintaining its focus on the non-negotiable assurance work.

She had achieved her goal. Now what?

Melanie began to realize that to remain relevant to the organization — and to keep her seat at the C-suite table — she needed to think more broadly and strategically about the internal audit function.

It was time to develop an internal audit strategy that is aligned to the objectives and time horizon of XYZ’s overall business strategy.

Our series, 5: insights for executives, explores the questions:

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