15 ways internal auditing departments are adding value.

Summary

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Organizations under pressure to cut costs and boost profits are increasingly relying on the internal auditing function for help in achieving these objectives. Auditing departments all over the country are meeting the challenge to add value in various ways. Their strategies include making auditing more collaborative, serving as a catalyst for change, employing self-assessments to encourage auditor involvement, recruiting business staff to bring the auditing function closer to the organization's operation, giving auditors special assignments, focusing on business risk, and expediting release of audit reports. Other approaches to adding value are aligning the auditing function with the customer's needs, conducting preventive auditing, slashing external auditor costs, focusing on revenues, addressing problem areas, sharing technology with the business units, and issuing audit reports company-wide.

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15 ways internal auditing departments are adding value.

Organizations are looking to internal auditing departments to add value, improve cost controls, and solve problems.

Attend any IIA meeting and you'll likely hear the expression "adding value" pop up again and again. Motivated by the universal mandate to curtail expenses and boost profits, or perhaps by the specter of outsourcing, auditing departments are seeking ways to add value. An informal survey of several internal auditing departments shows that these challenges are being met in diverse ways.

1 Become a Catalyst for Change

At Digital Equipment Corporation, the auditing department is aimed at becoming a "catalyst for change," said Tom McEachin, Vice President of Corpo...

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