I recently spotted the headline “Is Internal Audit Losing Value?” in a respected business journal. It was for an article based on survey results in one of the multitude of white papers on the internal audit profession that come out around the first quarter each year. Researchers indicated that a greater number of managers are questioning whether they receive “significant value” from internal audit.
The survey found that 68 percent of board members believe internal audit adds “significant value,” while 65 percent believe it “performs well.”
Is there room for improvement? Absolutely. But, when I read headlines that suggest internal audit is perceived as providing less value, I am reminded of the favorite retort of ESPN sports broadcaster Lee Corso — “Not so fast, my friend!”…