Spotlight on Internal Audit

Keywords internal audit, governance, risk management, cybersecurity, corporate governance, acumen analysis, business advisory, financial services, compliance, organizational risk Summary Thanzil Khan & Edmund Cartwright delve into the role and importance of internal audit within organizations, exploring its evolution, functions, and the value it brings to governance and risk management. The speakers discuss common misconceptions, the significance of cybersecurity, and the proactive approach organizations should take towards internal audit. They also share real-world examples and case studies, emphasizing the need for tailored internal audit strategies that align with organizational goals. Takeaways Internal audit is a trusted advisory role, not a necessary evil. Prevention is better than cure when it comes to risk management. Organizations should proactively engage with internal audit to identify risks. Cybersecurity is a significant risk that all organizations face today. Good governance is essential for organizational growth and sustainability. Internal audit functions have evolved beyond traditional number crunching. Every organization, regardless of size, can benefit from internal audit services. Internal audit can be tailored to meet the specific needs of an organization. It's crucial to understand what internal audit does not cover to avoid misconceptions. Engaging with internal audit can help organizations manage risks effectively. Titles Spotlight on Internal Audit: What You Need to Know The Evolution of Internal Audit: From Numbers to Advisory Sound bites "We help organizations identify risks." "Prevention is better than cure." "We are not regulators; we are advisors." Chapters 00:00 Introduction to Internal Audit and Acumen Analysis 02:22 The Evolution of Internal Audit 05:33 Understanding Internal Audit Functions 08:32 The Importance of Governance and Risk Management 11:26 Cybersecurity and Digital Risks 14:32 Proactive vs Reactive Internal Audit 17:26 Common Misconceptions about Internal Audit 20:37 Case Studies and Real-World Examples 23:15 What Good Internal Audit Looks Like 26:26 The Value of Internal Audit for Organizations 29:17 Final Thoughts and Key Takeaways #RiskManagement, #TechAssurance, #CyberRisk, #GRC, #InternalAudit, #OperationalRisk, #RiskAdvisory, #ITAudit, #ITGC, #DataGovernance, #Governance, #Compliance, #RegulatoryCompliance, #RiskAnalytics, #ESGAssurance, #RiskCulture, #ProcessImprovement, #ERM, #SOXCompliance, #UKSOX, #COSO, #InternalControls, #ControlsTesting, #ControlEnvironment, #ThreeLinesModel, #FinancialReporting, #FraudRisk