Running a successful company itself is a tedious task. Following all the parameters, abiding by all the norms, and getting prepped for the new security guidelines takes an enormous amount of effort and time. But even after following every step by the book, an enterprise organization gets asked by clients from time to time ‘are they secured enough?’.
A remote audit or virtual audit came as a boon to audit teams during the unprecedented covid 19 crisis. It is a method of conducting an audit remotely using technology. Just like an onsite audit, it covers interview with management and employees, verification of documents and reports.
The primary role of auditors is to help the organization remain compliant and meet its objectives efficiently. The growing and changing needs of stakeholders, crisis management requirements, and uncertainty have widened the scope of internal audits. In response to these requirements, new trends have emerged in the field of internal audit that will add value to the organization and guide it through the landscape of risks.
The mention of the very word audit evokes panic for business owners and compliance officers. You might be surprised to know that auditing can become a painful experience even for the auditors. Tight audit budgets, number of policies to flick through, lack of cooperation from stakeholders can all cause auditors’ obstacles.
Internal audit plays a crucial role in guiding an organization with key insights on corporate governance and suggest improvements on improving compliance, reducing risks, boosting efficiency, and enhancing regular operations.
With digitization of services progressing at a relentless pace, businesses are storing large volume of customer data . But with sensitive information being routinely handled by service providers and third-party associates, there is a pressing need for increased information security. Data breaches and cybercrime too are a threat to security. In such a scenario, it is not uncommon for clients to want an independent review of your internal controls for data security prior to partnering with you, especially if you are a SaaS organization.
The tick mark has grown to become a symbol of the internal auditor’s raison d’être, but the primary role of internal audit is not, in fact, defined by stationery and workpapers. The Institute of Internal Auditors (IIA) notes that: