The Role of Internal Auditors in Time of Crisis

Current crisis has toppled the entire focus of Chief Audit Executives (CAEs) from areas which once were of least importance,  to redefining the objectives, SOPs, risks, and policies around those. To help derive value from their role in this new paradigm, Internal Auditors are expected to display agility and transform to adapt variance. However, its equally important for the management to provide the requisite support and build resilience. Now is the time, when organizations more rigorously need IAs strategic perspective to anchor the business and steer out of the uncertainties. 

This insight provides a perspective of ideal strategy that needs to be up and running, for management and auditors to hold the guard and stay relevant, with clear understanding of:

  • How a crisis situation can bring changes in the way organizations function
  • Impact of a crisis on the strategic partnership between auditors and the business functions
  • Key questions that need to be addressed for creating a resilient business
  • How Auditors can be a guide in dealing with the “unknowns”