Internal Audit Function More Critical in Economic Crisis, According to Protiviti


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Internal Audit Function More Critical in Economic Crisis, According to Protiviti

New resource guide addresses cost-saving processes and impact of regulatory developments

Bob Hirth
Managing Director
Protiviti

As companies look to operate more efficiently in the challenging economic climate and navigate complex regulatory requirements, internal audit is more important than ever. To help internal auditors adapt to the pressures of the day, Protiviti, a global business consulting and internal audit firm, has released the second edition of its Guide to Internal Audit: Frequently Asked Questions about Developing and Maintaining an Effective Internal Audit Function.

Internal auditors, who serve as independent, objective consultants commissioned to improve an organization's operations by evaluating and improving the effectiveness of risk management, controls and governance processes, will benefit from the 80-page resource guide that covers the continuously expanding and complicated global business landscape. The guide addresses the U.S. Security and Exchange Commission's interpretive guidance on Section 404 of the Sarbanes-Oxley Act and the PCAOB's Auditing Standard No.. 5 (AS5), among other vital topics.

"The internal audit profession has experienced remarkable changes over the last five years," said Bob Hirth, Protiviti executive vice president of global internal audit solutions. "Since our first edition of the Guide to Internal Audit was produced in 2004, developments from the SEC and PCAOB, coupled with the economic crisis, have forever altered the internal audit arena. Given this new environment for internal auditors, we believe the business community will benefit greatly from the updated edition of our resource guide to help further ensure the effectiveness of their internal audit functions."

The guide provides answers to 90 frequently asked questions, with topics ranging from building an internal audit function to managing and improving that function as an organization grows. Most of the new questions focus on the ever-expanding role of internal audit functions, such as:

What types of IT audit skills should be included in an internal audit department?
How can internal audit assist in developing and maintaining an effective corporate governance environment?
To what degree should the internal audit function coordinate its activities with its external audit firm?
How does completing a quality assessment review strengthen the value internal audit brings to the organization?
What should the audit committee's relationship be with an organization's board of directors, compensation committee, disclosure committee, and nominating and governance committee?

"The variety of areas covered in the second edition demonstrate the critical role that internal audit plays in an organization's operational effectiveness and ultimate financial well-being, both of which are of utmost importance during times like these," Hirth added. "At Protiviti, we value the opportunity to assist organizations and their internal audit departments in addressing the current business landscape, as well as the many changes that undoubtedly lie ahead."

Protiviti is a global business consulting and internal audit firm composed of experts specializing in risk, advisory and transaction services. The firm helps solve problems in finance and transactions, operations, technology, litigation, governance, risk, and compliance. Protiviti's highly trained, results-oriented professionals provide a unique perspective on a wide range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle East.

Protiviti has more than 60 locations worldwide and is a wholly owned subsidiary of Robert Half International Inc. (NYSE:RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index.

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