No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights

How Can Internal Audit Support the Growing Responsibilities of the Audit Committee?

by John Verver
May 6, 2015
in Uncategorized
How Can Internal Audit Support the Growing Responsibilities of the Audit Committee?

Recent 2015 audit surveys report some interesting findings about the current role of audit committees. They highlight not only how complex the world of risk management and oversight has become in the corporate world, but also the enormous breadth of responsibilities that the audit committee is expected to bear.

The requirements of internal audit will only continue to expand because, as PwC’s recent “2015 State of the Internal Audit Profession Study” shows, 60 percent of CAEs believe that within the next five years their internal audit function will need to be providing not only value-added services, but also proactive advice for the business.

Additionally, in KPMG’s recent “2015 Global Audit Committee Survey,” 74 percent of audit committee respondents said that more time is required to perform their role. Key areas of the internal auditor’s role that will require more time include:

  1. Internal controls around operational risk
  2. Oversight of the risk management process
  3. Cybersecurity
  4. Legal and regulatory compliance, including bribery and corruption
  5. Pace of technology change
  6. Internal controls around financial reporting

As if this list of responsibilities was not enough, when asked how the audit committee could improve its overall effectiveness, the response was that the primary way is to gain a better understanding of business strategy and risks. This makes sense of course, since having a good understanding of core strategic business risks provides an important context for considering the huge range of other risks.

How can the audit committee and, by delegation, the internal audit team, hope to successfully deliver on these demanding expectations?

Technology

Technology can be a big enabler here, as has been proven already in core business process areas. Technology is currently under-utilized in audit and risk in far too many organizations, as many other surveys repeatedly show.

Technology can provide the audit committee with dashboards that show the current status of overall risk management, risk assessment and audit activities, with the ability to drill down and understand specific risks, risk trends, audit findings and responses. Much of this is achieved through the implementation of automated risk and controls assessment solutions, driven by continuous auditing and monitoring of transactions.

Without technology, it is unrealistic, if not impossible, for the audit committee (as well as risk committees and the Board) to have an accurate, timely, enterprise-wide view of the organization’s risks.

Shift of Focus and Resources

Internal auditors are in a unique position within an organization and have the potential to deliver great value in areas well beyond their traditional focus. But, in order to do this, they need to be enabled in two critical ways: they need sufficient resources to be able to deliver realistically on an expanded mandate, and they need to harness the power of technology and work with data from across the enterprise in a way that no other functional team in the organization can do.


Tags: HIPAA
Previous Post

Don’t Blame the Test

Next Post

Temperance — The Cornerstone of an Ethical Corporate Culture

John Verver

John Verver

image001John Verver, CPA CA, CMC, CISA Advisor, ACL John Verver is currently an advisor to ACL. Previously, John spent two decades as a vice president with ACL, with overall responsibility for product and services strategy, as well as leadership and growth of ACL’s professional services organization, including customer success services, training, and technical support. John is acknowledged as an expert authority and domain thought leader on the use of enterprise governance technology, particularly data analytics and data automation for audit, risk management, and compliance. He speaks regularly at global conferences and is a frequent contributor of articles in professional and business publications. John is a Chartered Professional Accountant, Certified Management Consultant, and Certified Information System Auditor.

Related Posts

people waiting in covid line

Did Covid Lead to a Lower HIPAA Fine?

by Rodney King
August 17, 2022

Eye-popping fines over violations of the right of access portion of the federal HIPAA healthcare law aren’t exactly common, and...

medical records hipaa

Survey: Majority Admit Missing Key Piece of HIPAA Compliance

by Corporate Compliance Insights
June 8, 2022

Organizations admit failing to prioritize annual security risk analysis, according to small survey

A masked professional holds up their covid-19 vaccination card.

‘My Employer Can’t Ask for Proof of Vaccination’ and Other Myths Regarding COVID-19 and HIPAA

by K Royal
September 7, 2021

When it comes to COVID-19 and HIPAA, many misunderstand the law’s scope and purview, especially in a professional setting. Privacy...

illustration of cybersecurity concept

VigiTrust Launches VigiOne Cybersecurity Compliance Platform for Managed Security Service Providers

by Corporate Compliance Insights
August 17, 2021

Easy-To-Use, Cost-Effective Solution Enables MSSPs to Keep Pace with Changing Regulations, Scale Effectively and Ensure Ongoing Compliance New York, NY...

Next Post
Temperance — The Cornerstone of an Ethical Corporate Culture

Temperance — The Cornerstone of an Ethical Corporate Culture

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT