Five keys to objective business system audits

 Learn More About Five keys to objective business system audits<img alt=Current economics and expectations of stakeholders in today’s business environment have placed the internal audit function for all organization systems in a new and challenging role of providing value to the organization through objective .

Objectivity is a bit of an elusive target.   Objective by what standards?  By who’s measure?  How can you be objective in a very subjective world and produce system reviews that have value for your business?

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The pros (and a few cons) of hiring independent business auditors

I recently read an article on the disadvantages of hiring an independent auditor, and was surprised that the article didn’t mention the advantages external resources can provide.

The article I read (at www.chron.com) talked about disadvantages such as an independent auditor taking time to get up to speed on the business; the cost of an independent auditor being higher than salaries of internal audit functions; the time it takes to find the right person for the work; and fears around confidentiality.

I wouldn’t necessarily argue that these are legitimate concerns. But, I would offer the following advantages in using independent business audit resources in your audit plan:

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Do you have a STRATEGIC Audit Plan to guide your business?

Internal audit functions are essential to good business because the right auditing system and team can save money, find your business blind spots and provide much needed perspective.  But a STRATEGIC Audit Plan is critical to using your audit team for the best results.

Like any other part of a business, your internal auditing group needs to put in place a short and long term plan that can meet your needs.

It starts with a close look at the expectations for the audit function and is followed by a clear and concise statement of your mission for audit activities. Sound familiar?  That’s because the process for setting up a Strategic Audit Plan runs parallel to any other business initiative.

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Is your house in order in tough economic times AND ready for the future?

Business Team Evaluating ProceduresGiven the global economic changes, downturn and risks, now is the best time to conduct a business review so that your business is prepared for the challenging and unpredictable times ahead. In fact, PriceWaterhouseCoopers, LLP is advising that audits of organization systems, policies and procedures in a number of key areas is more critical now than ever before.

A sound and thorough audit can ensure you are doing everything you can to manage through the U.S. and world economic situation and be prepared for the future with a focus on cost containment – but not cost containment at any cost.

Here are some of the areas recommended for in depth reviews with an eye on both cost containment and future needs:

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