Many internal auditor’s want an answer to the question, how do we put a value on internal audit.
Let’s answer another question first: what is the value of a home? The correct answer is that a house is worth what somebody is willing to pay for it.
Now, what is the value of an internal audit function? The correct answer is that it is worth what the board is willing to pay for it.
The value is not some mythical calculation based on the value of process …
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I have been asked to provide an example of the type of formal report I would provide the audit committee, sharing my overall assessment of the adequacy of governance, risk management, and related internal control processes.
ny years ago I once shared an office with group of high-testosterone young management accountants and a solitary middle-aged female internal auditor. She must have dreaded coming to work, not knowing what tales she would over hear from her cubicle in the corner. She was a pleasant enough person, but my suspicion is she was passed over for promotion a few times and put out to grass in internal audit. In my experience, it’s a …