Explain the internal audit function as a trusted advisor to the organization PDF

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internal audit function as a truste d advisor...

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Explain the internal audit function as a trusted advisor to the organization. A trusted advisor is the person a client turns to when an issue arises, often when there is urgency like in times of crisis or change or when an important decision must be made. The decisionmaker needs someone with the knowledge, track record, reputation, credibility and dependability to provide good and honest advice. This is the characteristic of a deep and trusting relationship. When internal auditors are trusted advisors, they provide a safe harbor for the board and management to discuss and explore. This attribute involves the integration of expertise, organizational awareness and strong interpersonal skills. At this point, when auditors’ perspective on complex topics and their opinion on emerging threats are gained, internal auditors are considered as being a sounding board before decisions are being made. The term "Trusted Advisor" is being used more frequently to describe internal auditors as they strive to add additional value as they gain management’s coindence through the impactful consulting services they provide. Although most internal audit functions would like to spend more of the annual budget on consulting engagements, most organizations require a baseline of assurance work to be performed. To conclude, trusted advisors provide more than a list of issues and problems. They are consistently fair, caring, listen carefully, and provide useful, appropriate, timely and relevant suggestions for improvement. When the Board sets the tone at the top and internal audit adopts such behaviors and approach, the value add in this unique partnership will definitely gear the business towards success....