Internal auditor leaders must adopt a risk-centric mindset if they aspire to be key players In assurance and risk management, according to PricewaterhouseCoopers (PwC).
Two reports from PwC -Internal Audit 2012 and Internal Audit 2012-Asia Pacific Supplement identify trends that will likely shape internal audit over the next five years.
The reports also highlight the similarities and differences between the internal audit functions in the Asia-Pacific region and the US.
Based on the studies, PwC has determined that the controls-focused approach is expected to diminish in relevance over the coming years.
And, a "risk-centric" internal audit model would provide assurance on the effectiveness of risk management in addition to controls assurance.
This additional level of assurance would help internal audit align itself more closely with the organisation's maturing risk-management capabilities, PwC says.
The studies were based on interview and survey data from chief audit executives from 50 large companies in the Asia Pacific and from US Fortune 250 companies.
Copyright CPA Australia Feb 2008
Provided by ProQuest Information and Learning Company. All rights Reserved
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