Internal Audit departments are in a transformative phase with increasing expectations to move beyond Compliance and Financial Reporting and focus on Enterprise Risk Assessments, Business and Operational Risks. To meet the requirements of this new role, Internal Auditors need to have specific Skill set which encompasses Communication, Reporting and Planning Skills. When we talk of these characteristics, the one thing that teaches all of these is Entrepreneurship. In our previous posts we discussed on how Innovation derived from Music and Agility derived from Martial Arts are the key drivers of Internal Audit efficiency. This post discusses how key factors derived from Entrepreneurship can be put into action for charting out continuous Growth in Internal Audit.
Entrepreneurship is an amalgamation of having adequate Risk Tolerance, being Innovative, having the ability to take the right decisions and handling multiple tasks efficiently. The same skill set is required from the Internal Auditor of 2018 and beyond when the Risk Universe is expanding with the speed of light. Being an Entrepreneur is all about Assessing and Measuring effectiveness continuously while looking for Innovative ideas and best practices for Organizational Governance which ultimately opens floodgates for Efficiency.
Like an Entrepreneur, Internal Auditors need to have a comprehensive understanding of Business and Process Risks to provide better insights to the Audit Committee through Real time Reporting and Collaboration. Entrepreneurship requires eliminating redundant systems and likewise Internal Audit functions of 2018 and beyond need to move beyond the conventional Compliance oriented approach and take on a dynamic role by aligning Process goals with Business Objectives.
Emerging Technologies like Robust and Real time Reporting as well as Collaboration and Analytics not only provide valuable insights on Risk, Compliance, Governance and Internal Audit, but also increase Process productivity, minimize redundancies and optimize Audit cost efficiency.
To learn more on how the key factors derived from Entrepreneurship can be utilized for Internal Audit efficiency, join our Chairman and Serial Entrepreneur, Bhavesh C. Bhagat at the IIA International Conference 2018 where he discusses how to leverage Agility and Innovation for Internal Audit Leadership. In the next and last post of this exciting blog series on Internal Audit Leadership, we will discuss how the amalgamation of the untapped characteristics can be leveraged for achieving Efficiency & Effectiveness in Internal Audit. Stay tuned!
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