Necessary but not sufficient … how it applies to Internal Audit services

I remember back when taking standardized entrance exams, questions were based on a described condition.  You had to describe how two concepts were related to each other.   One of the answers was X is necessary, but not sufficient for Y.   This applies to internal auditing today as well.

Audit customers and organization stakeholders expect Internal Audit shops to deliver more value beyond rote audit output.   The purchase to payments cycle is a frequent audit area, e.g.; the same issues have been commonly raised over time – nothing new, no added value.  Management just doesn’t want exceptions identified; they need you to go beyond the necessary, and identify the larger issues that impact and can improve the business (maybe … cycle time, working capital, purchase, or process cost reduction opportunities, or perhaps, supplier quality management, vendor consolidation, for example).

What are you seeing that can save costs, streamline processes, increase customer satisfaction and provide enhanced value from your distinct role?  It’s necessary for internal audit to provide core assurance services, but no longer sufficient ,  if, we want to increase the impact that audit and advisory services customers expect and demand of us.

Leave a Reply

Your email address will not be published. Required fields are marked *


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


(T) 508.878.5570

Email Us


loading Loading

    • " I highly recommend Alan's consulting, internal audit and management capabilities!  He was innovative, results focused, generated meaningful improvements, and a valuable resource that worked well with all parties.   It was a pleasure working with him."        

      — Chief Financial Officer & Treasurer, decentralized services company

    • “Alan worked for our company providing an audit of our department. His participative, non-threatening approach during the interview process, along with his thoroughness, resulted in a successful compilation of data that enabled a list of audit recommendations that were value added and meaningful." Top qualities: Personable, Expert, High Integrity

      — Director of Purchasing, fast growing services company

    • “Alan has performed many consulting reviews for (us)..., including risk assessments, compliance auditing, and program reviews. He has always come through with the expectations of our contract, and I gladly look to Alan for future assistance. He is a true professional! " Top qualities: Great Results, High Integrity, Creative

      — Associate Vice President & Director, Audit Services of leading higher education organization

Twitter: Follow Us