One size does not fit all: Scaling internal audit to fit your company
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If leveraged correctly, internal audit can be a valuable tool in your risk management portfolio. Proposed Nasdaq guidance requiring listed companies to implement and maintain an internal audit program was withdrawn, but it increased dialogue about properly scaling the function. A proactive platform is more comprehensive than internal control and policy compliance, adding value to your control environment by providing education, and embedding within operational improvement processes enterprise-wide.
The internal audit function is flexible and does not have to fit the traditional mold. Even if a company’s size and risk profile does not warrant a full-time internal audit department, feasible alternatives do exist. Read our article to learn how scaling internal audit can improve risk management throughout your organization and the benefits of strategic sourcing.