Spotlight: The Four I's of the Internal Audit Process

  • by Gary Byrne, Managing Editor, Financials Expert and SCM Expert
  • October 24, 2012
How an organization’s internal audit team assesses risk is a key concern of organizations, as evidenced by survey findings and reports by accounting industry groups. Steve Biskie, Managing Director at High Water Advisors, comments on this hot topic.

The role that internal auditors have with regard to risk has come under scrutiny after several surveys and reports have been published this year. For example, Ernst and Young’s Insights on Risk study, “The future of internal audit is now,” published in July 2012 lists the top five improvement priorities for internal audit selected by respondents:

  1. Improving the risk assessment process
  2. Enhancing the ability to monitor emerging risks
  3. Becoming more relevant to achieving the organization’s business objectives
  4. Reducing overall internal audit function costs without compromising risk coverage
  5. Identifying opportunities for cost savings in our business

To learn more, I asked Steve Biskie, managing director at High Water Advisors, about internal audit strategies and best practices with regard to risk.

Gary Byrne

Gary is the managing editor of Financials Expert and SCM Expert. Before joining WIS in March 2011, Gary was an editor at Elsevier. In this role he managed the development of manuscripts for Elsevier’s imprint responsible for books on computer security. Gary also has held positions as a copy editor at Aberdeen Group, a Boston-based IT market research company, and as an editor at Internet.com, a publisher of content for the IT community. He also gleaned experience working as a copy editor for International Data Corp., a Framingham, MA-based IT market research company. He earned a bachelor of science degree in journalism from Suffolk University in Boston. He enjoys traveling, sailing as a passenger onboard schooners, and helping his wife, Valerie, with gardening during summer weekends. He’s a fan of all the Boston sports teams and once stood behind Robert Parish in a line at BayBank. He felt small and didn’t ask for an autograph. You can follow him on Twitter at @FI_SCM_Expert. His online footsteps can also be found in the SAP Experts group on LinkedIn.

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