Internal auditors at many companies have been so consumed by the legislation that traditional priorities are falling by the wayside. But some organizations are finding ways to balance the function's ongoing compliance responsibilities with a renewed focus on strategic and operational risks.
It's a brave new world for internal audit, one that presents new opportunities and new risks. The function has risen to the challenges that the new regulatory environment poses. Now finance and internal audit executives must find ways to balance internal audit's independence with its ongoing compliance contributions while keeping it sufficiently staffed. And they must define and execute the function's future role, which will likely encompass a strong and broad risk management component.
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