Unleashing the Power of an Operational Audit

Abstract

Abstract. An operational audit is a powerful audit approach that systematically addresses all aspects of a unit’s operations including its risks, governance, and controls. Understanding its very nature and approach can cause inefficiencies to be unearthed, ineffectiveness identified, use of resources optimized, and irregularities or fraud uncovered, all culminating in business improvements. With today’s technology, operational audits go even further by delivering so much with so little.

Additional information

Notes on contributors

Lal Balkaran

Lal Balkaran, MBA, FCPA, FCGA, FCMA, CGMA, CIA, is an audit consultant at the Toronto-based Salvation Army Headquarters (Canada & Bermuda). He has close to three decades of extensive risk, governance, and control experience including six years with the Big Four. Lal has been published widely across the globe and has done several internal audit seminars, workshops, and conferences. His most recent book, titled Dictionary of Risk, Governance, and Control, has its Foreword written by Andrew Chambers, Professor Emeritus, Cass Business School, London. Mr. Balkaran has been a member of the Institute of Internal Auditors (IIA) for over 25 years and was twice elected president of the IIA-Toronto in 2002 and 2003. An IIA Toronto honorary member, he is a current member of the Internal Auditor Editorial Advisory Board and EDPACS Editorial Board as well, in addition to being a long-time former member of the IIA’s Committee of Research and Education Advisors. Mr. Balkaran is also the founder of the IIA-Guyana. He is the recipient of the IIA Canada’s 2010 Arthur J. Child’s Distinguished Service in Canada Award for his IIA activities and the 2012 Contribution to the Profession Award, which recognizes individuals who have contributed immensely to internal auditing through research, education, publications, and other thought-leading pursuits.