New Edition of "Internal Auditing Around the World" from Protiviti Looks at
Fundamental Shift in How Internal Audit Operates
Collaborative work trend extends internal audit's impact on business strategy
MENLO PARK, Calif., July 15, 2013 /CNW/ - Internal audit leaders representing
some of the world's top companies reveal their approaches to fostering
collaboration with multiple functions across the enterprise in order to reduce
risk in the latest edition of Internal Auditing Around the World from
Protiviti (www.protiviti.com), a global consulting firm. Volume nine of the
series, Partnering Effectively Across the Organization
(www.protiviti.com/iaworld) explores the ways in which internal audit
executives are connecting with others across their companies and reaping the
benefits of new-found efficiencies and greater visibility into key risks as
they help others in the organization understand risks and their roles in
helping the business to manage and mitigate them.
"The call for both greater collaboration and an enterprise-wide focus on risk
is accelerating internal audit's path to the 'top table' in the organization,
where it can be a true partner to management and the board," said Brian
Christensen, Protiviti's executive vice president of global internal audit.
"The internal audit departments included in our study have developed
successful, forward-thinking approaches that are dynamic, proactive and making
a strategic impact on their business."
The new publication from Protiviti profiles eight businesses from around the
world and a cross-section of industries that have taken a fresh look at the
broader role played by the internal audit function in their business,
particularly amid today's increasingly rigorous regulatory environment and
resulting compliance requirements. One prevalent theme runs through the
profiles: internal audit teams are collaborating regularly with a wide range
of groups in the organization, bringing more value to the business, while also
maintaining their objectivity and independence.
At the French software company, Dassault Systemes, corporate audit director
Etienne Grobon has put the power of collaboration to work. His relatively
small internal audit team of four is strengthened and supported by a
collaborative approach with other business functions throughout the company.
"There is not a single person or department responsible for risk management at
Dassault Systemes -- it is a shared exercise," said Grobon. "For instance, we
rely on compliance officers within the finance function who deal with internal
controls." When Grobon is notified of issues or presented with questions about
operations, he has the flexibility to delegate the issue or question to the
team best suited to address it. "Because each of these groups is small, they
rely on each other," he says. "We leverage other teams and avoid adding
headcount so we can remain lean and efficient. It is an effective approach for
sharing knowledge and resources."
Another organization featured in Internal Auditing Around the World, financial
institution Canadian Imperial Bank of Commerce (CIBC), has found an approach
that allows it to collaborate with and rely on others in the organization
without reducing objectivity and independence. "When you rely on other groups,
and collaborate, you still have to form your own opinion," said Anil Mathur,
senior vice president and chief auditor of CIBC. One thing of which the CIBC
internal audit team is especially mindful is the differing points of view on
risk from other groups in the organization. "If you are working with a
compliance team, its viewpoint on risk will be through the lens of compliance
and regulations," Mathur explains. "If you are working with a group focused on
financial statements and Sarbanes-Oxley, its point of view will be influenced
by numbers. An internal audit function must look at risk comprehensively.
Perspectives are unique and different, and, as an internal audit department,
you have to take in all that input to make sure you have not missed anything,
but still reach your own conclusions."
This ninth edition of Internal Auditing Around the World also profiles such
companies as BHP Billiton and KPN, among others. To read this or past Internal
Auditing Around the World publications, visit: www.protiviti.com/iaworld.
Protiviti (www.protiviti.com) is a global consulting firm that helps companies
solve problems in finance, technology, operations, governance, risk and
internal audit. Through its network of more than 70 offices in over 20
countries, Protiviti has served more than 35 percent of FORTUNE 1000(®) and
FORTUNE Global 500(®) companies. The firm also works with smaller, growing
companies, including those looking to go public, as well as with government
Protiviti is a wholly owned subsidiary of Robert Half International (NYSE:
RHI). Founded in 1948, Robert Half International is a member of the S&P 500
Protiviti is not licensed or registered as a public accounting firm and does
not issue opinions on financial statements or offer attestation services.
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