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Increased scrutiny on overlooked risks could boost internal audit confidence, IIA says

The Institute of Internal Auditors (IIA) North America has urged for more scrutiny on four often overlooked risk areas, where strong leadership could enhance the confidence of the management, the board, and the stakeholders’, as well as the self-confidence of the internal auditor.

In this year’s report entitled the 2017 North American Pulse of Internal Audit, IIA North America highlighted two organisational risks and two risks linked to internal audit processes where more scrutiny by the chief audit executives could boost confidence in the value of internal audit.

The two organisational risks are company communications, especially non-traditional communications such as the information shared with investors, customers and other stakeholders. And risks linked to environmental, and health and safety (EHS).

The other two risks in the report are data analytics by looking inward at internal audits use, and interpersonal relations between internal audit and the respective clients being served. The report requires internal auditors to demonstrate the same professional scepticism towards self-examination which is often applied in assessing others.

The full 2017 Pulse report will be released at the IIA North America’s 2017 general audit management conference from 20 to 22 March.

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