Internal Audit Leaders Share Strategies for Economic Recovery

LONDON--(EON: Enhanced Online News)--Audit, risk, assurance and compliance executives from Europe’s leading organisations gathered in London last week to discuss strategies for managing risk and preparing for economic recovery. More than 70 professionals were in attendance at ACL’s Spring Summit to share proven techniques and practices for implementing risk-based audits to improve operational efficiencies and business assurance.

“The internal audit function is responsible for providing organisations with independent assurance that the systems and processes to identify and manage risk are effective”

Keynote presenter Liz Sandwith, former president of The Institute of Internal Auditors (The IIA) UK & Ireland, managing director at Sandwith Internal Audit Services and Head of Internal Audit at Channel 5 shared insight into issues affecting governance and compliance. These include an increase in reputation risks, corporate governance code revisions and new data protection legislation that will enable the Information Commissioner to levy sanctions such as monetary penalties of up to £500,000.

“The internal audit function is responsible for providing organisations with independent assurance that the systems and processes to identify and manage risk are effective,” said Sandwith. “Unfortunately, down-sizing and cost-cutting during the recession have left gaps in the risk management structures of many European companies, leaving them exposed as business activity picks up. Never has the need for assurance been as apparent as now.”

ACL Summit attendees shared best practices for helping organisations emerge from the recession with a competitive edge, including:

Conducting frequent risk assessments, including existing and emerging risks to ensure evolving high-risk areas take priority in the audit plan
Leveraging technology to automate analysis of key business processes and achieve greater efficiencies
Collaborating with business process owners to evaluate and monitor the operating effectiveness of internal controls
Demonstrating the value of Internal Audit to the bottom line

“Internal Audit now demands a new direction and the bar for performance has been raised. Auditors are now catalysts in their business,” said Rania Bejjani, Head of Group Internal Audit & Risk Management at Colt, a leading European provider of business communications and IT managed services. Rania shared examples of how at Colt she has raised the profile and strategic position of the Internal Audit function within the organisation by transforming it to an effective, pragmatic, influential and commercially focused value-added service, whilst remaining independent.

“We have transformed Group Internal Audit from a legacy team with very little influence in the organisation a few years ago to a team that is highly recognised by the senior management team, Board and Audit Committee. Auditors have a great role to play,” continued Rania.

Stephen Perks, Head of Internal Audit at AMEC plc shared a case study on implementing ACL to continuously audit and monitor key business areas to ensure compliance to business conduct codes and safeguard the company from exposure to risk. “It's critically important to provide greater visibility by using strategic auditing methods in your organisation. Audit technology helps us provide the Board with continuous assurance of internal controls effectiveness, risk management and corporate governance,” said Perks.

For more information on the ACL Spring Summit or to download speaker presentations, visit www.acl.com/springsummit.

About ACL Services Ltd.

ACL Services Ltd. is the leading global provider of business assurance technology for audit and compliance professionals. Combining market-leading audit analytics software with centralized content management and exception reporting, ACL technology provides a complete end-to-end business assurance platform that is flexible and scalable to meet the needs of any organization.

Since 1987, ACL technology has helped organizations reduce risk, detect fraud, enhance profitability, and improve business performance. ACL delivers its solutions to 14,000 organizations in over 150 countries through a global network of ACL offices and channel partners. Our customers include 95 percent of Fortune 100 companies, 85 percent of the Fortune 500 and over two-thirds of the Global 500, as well as hundreds of national, state, and local governments, and the Big Four public accounting firms. www.acl.com