The role of internal audit is expand- ing as it guides the enterprise be- yond traditional attitudes about financial risk management, risk mitiga- tion, and monitoring and toward evalu- ating a broader spectrum of compliance activities. Today’s auditor must have a full understanding of the risks the company faces and how they relate to each other, and needs to rely on well-constructed and well-executed risk management, con- trol, and governance processes in order to provide assurance that controls are designed appropriately and operating as designed.
At the same time, the role of compli- ance is expanding as it goes beyond the traditional roles of building an ethical workplace culture, identifying and manag- ing regulatory and legal obligations, and implementing and monitoring policies, controls, and training. Today’s compli- ance officer, beyond being devoted to the business and shareholder requirement of building and maintaining an ethical organi- zational culture, must have an active role in risk identification, management, moni- toring, and mitigation.
Audit and compliance—working to- gether—are uniquely positioned to help the board and management understand the importance of an integrated approach to compliance that enables wise resource use, prevents undesirable outcomes, and grasps advantages while achieving busi- ness objectives.
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