TAILIEUCHUNG - The future of internal audit is now Increasing relevance by turning risk into results

Although the former NOP director attributed the agency’s inability to effectively act on investigations and issue enforcement actions to a lack of resources, we determined that several other factors contributed to this deficiency. We noted, for instance, that NOP lacked procedures for receiving, reviewing, and maintaining reports of investigations from AMS Compliance. In addition, NOP did not establish a specific written process, including timeframes, for determining which enforcement actions are appropriate and for initiating and completing such actions in a timely manner. Although enforcement actions may need input and concurrence from OGC, NOP did not have procedures in place to. | 1 n Contents I L fl B fe B r B B c E B B li B B II B B B ệm OTEL lu 1 Survey insights an overview Our survey results show that while 75 of respondents believe that their internal audit function has a positive impact on their overall risk management efforts 80 acknowledge that their internal audit function has room for improvement. 4 Increasing relevance from strategy to impact To truly create value and assist the organization in achieving its business objectives internal audit needs to focus on aligning its strategy to the business. We offer four key steps internal audit can take to become more strategically relevant to the organization. 21 Conclusion adding value The future of internal audit is not on the horizon. It s here. And internal audit functions need to act now to drive business impact - or be left behind. Survey insights an overview In January 2012 Ernst Young commissioned Forbes Insights to conduct a global survey about the evolving role of internal audit. Respondents included chief audit executives CAEs C-suite executives and board members representing organizations with global revenues of 500 million or more and spanning 26 industry sectors. In the survey 75 of respondents believe strong risk management has a positive impact on their long-term earnings performance. An equal number believe that their internal audit function has a positive impact on their overall risk management efforts. And yet 80 of respondents acknowledge that their internal audit function has room for improvement. Of these respondents 70 believe that the improvements should be undertaken within the next 24 months. Q What sort of impact has strong organizational risk management had on your long-term earnings performance Top five improvement priorities for internal audit The key priorities of both CAEs and stakeholders have clearly shifted from compliance and financial controls to risk coverage and business relevance. When we asked respondents about the future of their internal audit .

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