Globalisation changing competitive landscape: PwC
Internal auditors of corporates in Asia-Pacific region need to adopt a new approach towards risk management to keep with the new trends. Global CEOs of Indian origin
By PTI |
NEW DELHI: Internal auditors of corporates in Asia-Pacific region need to adopt a new approach towards risk management in their organisations to keep with the new trends such as globalisation and technological advances, among others, a latest PwC report says.
Internal audit refers to the ongoing appraisal of the financial health of a company's operations by its own employees before the final audit of the company's balance sheet.
Two new reports released by PricewaterhouseCoopers (PwC) - Internal Audit 2012 and Internal Audit 2012 Asia-Pacific Supplement - have identified major trends that are likely to shape the world of internal audit over the next five years.
The trends include globalisation, changes in risk management, advances in technology, talent and organisational issues and changing internal audit roles and expectations.
"Globalisation and exponential growth are changing the competitive landscape for companies. We see a concern expressed by senior management and audit committees with respect to the state of governance and risk management capabilities," PricewaterhouseCoopers India Internal Audit Services leader Satyavati Berera said.
The boards of directors expect their internal audit functions to play a greater role in providing assurance in corporate governance, risk management, ethics compliance and fraud prevention and not just in internal controls, Berera added.
The studies were based on interview and survey data from Chief Audit Executives of 50 selected large companies in Asia Pacific and from US Fortune 250 companies.
Internal audit refers to the ongoing appraisal of the financial health of a company's operations by its own employees before the final audit of the company's balance sheet.
Two new reports released by PricewaterhouseCoopers (PwC) - Internal Audit 2012 and Internal Audit 2012 Asia-Pacific Supplement - have identified major trends that are likely to shape the world of internal audit over the next five years.
The trends include globalisation, changes in risk management, advances in technology, talent and organisational issues and changing internal audit roles and expectations.
"Globalisation and exponential growth are changing the competitive landscape for companies. We see a concern expressed by senior management and audit committees with respect to the state of governance and risk management capabilities," PricewaterhouseCoopers India Internal Audit Services leader Satyavati Berera said.
The boards of directors expect their internal audit functions to play a greater role in providing assurance in corporate governance, risk management, ethics compliance and fraud prevention and not just in internal controls, Berera added.
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The studies were based on interview and survey data from Chief Audit Executives of 50 selected large companies in Asia Pacific and from US Fortune 250 companies.
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