KPMG Releases Internal Audit of the Future

KPMG has released a whitepaper which leverages the insights and perspectives shared at a forum which brought together nine internal audit directors from leading financial institutions including Barclays, BMO Financial, Goldman Sachs, Credit Suisse, Bank of Nova Scotia, Morgan Stanley, Lloyds TSB, RBS and provided the opportunity for the group to identify key business drivers for change in today’s global financial services marketplace.

Key discussion points were around:
– Integrated Assurance Model
– Continuous Auditing and Technology
– Internal Audit’s Role
– Balancing Stakeholder Expectations
– Risk-Based Approach
– The Right People

The whitepaper here also highlights key action steps for Internal Audits to take to help meet expectations in 2010 and beyond.

Strategic Business Risk: 2008 — The Top 10 Risks for Global Business

Ernst & Young has released a report that idenfies the top 10 strategic risks for global business by analysing top risks by major sectors. Top 10 Strategic Business Risks are:

Regulatory and compliance risk
Global financial shocks
Aging consumers and workforce
The inability to capitalize on emerging markets
Industry consolidation/transition
Energy shocks
Execution of strategic transactions
Cost inflation
Radical greening
Consumer demand shifts

Detail sector specific plotting of risks and report can be downloaded here

PwC releases Internal Audit 2012

PwC released this study a few months ago titled “Internal Audit 2012* – A study examining the future of internal auditing and the potential decline of a controls-centric approach”

Five key trends were identified as:
1. Globalisation
2. Changing internal audit roles
3. Changes in risk management
4. Talent and organisational issues
5. Technological advancement

Also, ten (10) imperatives were suggested to provide the foundation for a high-performance Internal Audit function in the years to come, they are:
1. Achieve sufficient strategic stature for internal audit within the organisation.
2. Develop and regularly update a formal strategic plan aligned with key enterprise-wide objectives and stakeholder expectations.
3. Communicate frequently with key stakeholders on their needs, expectations, and satisfaction with internal audit.
4. Align HR strategies with enterprise and stakeholder needs.
5. Adopt a risk-centric value proposition that focuses continually on enterprise risks.
6. Take an integrated approach to IT audit, one designed to strengthen IT capabilities.
7. Leverage technology to optimise audit operations.
8. Strategically leverage internal audit knowledge and expertise.
9. Commit to continuous quality assurance and improvement.
10. Link performance measures to strategic goals.

The study can be downloaded here