Today, more than ever, leading organizations depend on the quality of internal audit. A business climate driven by demands for better governance, accountability, transparency and cost efficiency has created new demands on internal audit. In this new climate, audit committees and management are asking tough questions about the quality and effectiveness of their internal audit functions.
Money Tonic has extensive experience in assisting audit committees, chief audit executives and management in ensuring internal audit quality and effectiveness. Quality should be considered from three viewpoints:
• Effectiveness in meeting the needs of stakeholders
• Efficiency and effectiveness in the use of the internal audit best practices
• Compliance with applicable professional and/or regulatory internal audit standards and requirements Internal audit must address all three dimensions to be considered high performing in today’s challenging environment.