THE VALUE INTERNAL AUDIT BRINGS TO AN ORGANIZATION

ABSTRACT

Organizations expect a return on their investment in the internal audit (IA) effort - a return that covers a range of values that IA brings to an organization in several functional areas. Senior management and the board rely on internal auditing advice and counsel for everything from analysis of operations and assessing risk to recommendations for improved corporate governance. IA adds value through their deep insight into the organization, objectivity with which the organization culture is viewed, system of internal control, and risks. IA also provides assurance that policies are followed, laws and regulations are adhered to, and controls in place are adequate to mitigate risks. Internal auditors use their vast knowledge and experience to provide innovative methods of adding value for an organization’s success. If the organization succeeds, internal auditing does as well.

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Lal Balkaran

Lal Balkaran, MBA, FCPA, FCGA, FCMA, CGMA, CIA is an award-winning Toronto-based independent internal audit consultant with more than thirty years experience in a range of industries including the Big Four. He has authored several reference books on business and over fifty articles published widely across the globe including a dozen times in the Internal Auditor magazine. Lal has also done several presentations, seminars, webinars, and workshops, at regional, national, and international conferences. Mr. Balkaran has been a long-time member of the Institute of Internal Auditors (IIA) and was twice elected President of the IIA-Toronto where he is now an honourary member. He can be reached at [email protected].