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.

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