Spotlight on Internal Audit

Keywords

internal audit, governance, risk management, cybersecurity, corporate governance, acumen analysis, business advisory, financial services, compliance, organizational risk


Summary

This conversation delves 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

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