Determining the Right Internal Audit Model for Your Company
Internal audit departments continue to experience challenges related to an expanding audit universe, changes in laws and regulations, greater technology risks, and increased budget pressures. Executive management and audit committees should periodically review their company’s risk profile and determine if their current internal audit model is optimal for the company and significant stakeholders. Whether in-house, outsourced, or somewhere in between, the internal audit department model should be based on the defining characteristics of the company as well as the specific applicability and potential benefits and challenges associated with each operating model.