How does Internal Audit add value?

We are a fast growing education service provider (revenue in the 200MM+ range). practice / process / system are changing quarterly, if not more frequently. As a process / risk / control focused internal auditor, I am struggling to find my value proposition. The main problem is that processes are changing constantly and risk profiles are changing non-stop. For example, after a failed attempted on ERP, we are looking at some cloud versions for a re-do. It's bit ridiculous for me to propose an internal audit and only to find out that the process is being revamped. How do i bring value to the table? Appreciate any advice offered.

Answers

Ken Stumder Finance Director / Controller • October 14, 2015

If you are waiting for the processes to get deployed, you are on the sidelines.

Maybe your department can temporarily pivot away from the standard internal audit work (rotational reviews, controls review, remediation, etc) and see if there might not be a way to work with the Controller's group in getting the ERP deployed and on what I imagine could be a myriad of other priorities like defining the processes. It might be a way to add depth/resources to the projects w/o spending consulting dollars.

There's independence to consider, but in general I think this is less an issue in internal audit than public accounting and you wouldn't be proposing to close any books so much as assist in the development of infrastructure and procedure.

I have no't been in audit in a while. Interested in the thoughts of others.

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How does Internal Audit add value?

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