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Leveraging internal audits

Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for internal auditors to think beyond compliance.

Internal auditors who understand the big picture can expand their department’s influence by helping their organizations mitigate risk, improve financial and operational processes, and evaluate business strategies. Here’s how to get more from your internal audit team.

Expand the scope

The skill sets of internal auditors make the department ideally suited to participate in managing a broad range of risks, including:

  • Operational,

  • Strategic,

  • Investment,

  • Information technology (IT),

  • Merger and acquisition (M&A),

  • Foreign corruption, and

  • Business continuity risks.

To maximize its value, the internal audit team should take a forward-looking approach. Individual auditors are well equipped to help identify and assess risks — and even help businesses anticipate and avoid obstacles before an adverse event occurs.

Use internal auditors like consultants