Changing stakeholders expectations and a new view of risk management are prompting an important shift in the role of Internal Audit (IA) in many organizations. New demands, driven by multiple business objectives, from the board, senior organizational leaders and regulators are requiring internal audit group to refocus their efforts to beyond regulatory and compliance issues.
Internal auditing is: "…an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes." - Institute of Internal Auditors, Inc.
The principal business objectives of ILRI's Internal Audit Unit are:
- Provide advisory services to assist ILRI's Management meet its objectives
- Carry out audit assignments on identified areas based on the risks faced by ILRI
- Carry out audit investigations on the request of ILRI Management or the ILRI Board of Trustees