An Organization’s Internal Auditing Function Must Be Independent but Not Isolated

By Banalekaki Francis Yiga For any business or organization, there will always be risks that could ultimately tarnish its reputation, dampen stakeholder confidence or in worst case scenario, sink the organization/business. Top on any responsible entity’s agenda will therefore be managing this risk, through the internal audit function. “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes” according to the Institute of Internal Auditors…