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Even the most valued organizations that are versatile in all areas are bound to have gaps in expertise and resource. Some solution-oriented company leaders embrace supplementing resources in many creative ways. Some methods include co-sourcing of internal audit, a partnership between the audit employees and the externally hired professional service firms.
It allows the company to monitor the organization’s critical risk areas, giving the board more assurance that they are being monitored effectively and objectively. Choosing the right firm and model to address the audit issue is complex.
Here are the ten essential steps for boards to ensure that an organization maximizes the value of its audit and gains protection and assurance from its activities.
The audit committee assesses management actions’ progress to implement the audit recommendations, emphasizing significant control and risk issues. The audit committee discussed significant issues’ causes and followed up with the management team. The audit committee discusses with the head of the Audit team and recommends if the Head of Audit believes that senior management has exposed the organization to a residual risk that may not be acceptable to the board.
Also Read:Important Checklist for Internal Audit of Private LimitedEffective Steps of Performing an Internal Audit SuccessfullyThe future of Internal Audit: Analysis, insights and prospectus
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