A well-rounded audit plan will not only meet Sarbanes-Oxley (SOX) or other compliance requirements, but will also reflect an enterprise-wide scope and coverage of risks. Internal audit has a key role to play in identifying areas that need attention and safeguarding strategic assets by mitigating potential future risks. The more comprehensive coverage an audit plan can provide across different categories, the more internal audit will position themselves as a partner adding value to the organization.
Download our 5 Critical Risk Areas to Include in Your Audit Plan with important risk areas and recommended audit projects for each category.
As internal audit faces perennial pressure to cut costs, it is ever important for the department to prove its value as a contributor to business goals. Performance metrics communicate the effectiveness of internal audit activities and their alignment with organizational objectives.
What sets good metrics apart from the rest?
Key performance indicators (KPIs) are quantifiable measurements that demonstrate the effectiveness of an individual, department, or organization in achieving key goals. Clearly defining goals and tracking meaningful KPIs provide valuable evidence demonstrating that internal audit’s activities support the organization’s strategic objectives.
Learn which metrics you should track as you plan, perform, and report on your next audit project with the checklist of Top Metrics to Track in Your Audits.
Looking for more resources to take your internal audit team to the next level in 2020? Download the full 44-page Audit Management Playbook below and get more best practices, checklists, and tools for each stage of the audit lifecycle — planning, fieldwork, reporting, issue management, and scaling audit practices.