The Abcs of Adding Value

The ABCs of Adding Value

In the auditing world stakeholders, senior management, and audit committee felt that there was a low satisfaction rate because they did not get the value for their investment. Auditors in the past few years have worked towards strengthen their abilities so that the satisfaction rate would rise. Auditors are now greatly seen as high performing and mature.

There are three basic things that auditors need to know; ABCs, which stands for attuned, balanced, and creditable.

Internal auditors need to constantly be up-to-date with what the audit committee and stakeholder’s needs are. Therefore it is essential that the internal auditors are attuned to everything that they are involved in, to make sure that everyone is satisfied. Auditors need to be aware of the environment they are operating in, know the strategic direction that the company wants to go, and the auditors need to have a high understand of what is going on within the company.

Also internal auditors need to make sure that they have the proper skills to be able to provide a balanced prospective on the situation. It is key that an internal auditor is not bias on a situation; they must remain independent.

For internal auditors to remain credible, they need to make sure that their skills are appropriate to be able to deliver the requirements of the internal audit charter. Internal auditors need to stay up-to-date with the audit charter, maintain effective structural reporting, need to remain independent, follow by the audit standards, and make sure to maintain honesty and fairness in all reporting and relationships.

Internal auditors have a big impact on a company by providing them with information that will help them grow their company. The auditors need to be attuned, balanced, and credible.