Blog by Jim Pelletier. Jim Pelletier, CIA, is vice president, Standards and Professional Knowledge, for The IIA. With an internal audit career spanning the corporate, government, and nonprofit worlds, he shares his forward-looking ideas on today’s issues impacting the profession.
The work of external audit — providing assurance on the accuracy of financial reporting — is a complex operation, especially given today’s increasing pressure from boards, regulators, and activist investors.
Identifying risks and weaknesses in internal controls requires a thorough and sophisticated understanding of the organization, and internal audit’s place as an independent and ongoing assurance provider across the organization makes it the default expert.
External Audit Should Rely on Internal Audit’s Work, however what is the current status. Read the whole blog from here.