Governance & Risk

Does Your Internal Audit Function Really Provide Assurance?

If you were on the board or in top management and asked the auditor about the results of their audit of an important area, would you be satisfied with a list of their findings? Or would you insist on their professional opinion of the adequacy of the controls in managing the risks?

Why should the board be satisfied with “our audit found these weaknesses” when they can be told “we found these weaknesses, but you don’t have to worry because overall the controls are adequate?

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