Tuesday, February 26, 2013

2013 Internal Audit Focus - Why compliance is still a high priority ?

According to the IIA Audit Executive Center's Fall 2012 Pulse of the Profession Study , the CAE's identified their top risk coverage priorities for 2013 as follows:

24%  Operational
14%  Compliance
13%  General Financial
12%  SOX Compliance
12%  IT
5%   Risk Management Effectiveness
4%   Fraud
4%   Strategic Business Risk
12%  Other

How do your priorities compare to the above ?

Would you feel comfortable spending 14% of your resources on compliance and only 5% on risk management effectiveness and 4% on strategic business risks?Is compliance risk really that important ?

Are internal auditors still spending significant time on SOX compliance ?

Please share your thoughts .

1 comment:

  1. While SOX and compliance are important, I disagree with this prognosis. It is exposure to risk that determines the necessity and depth of compliance and controls required.Besides, a competitive 'glocal' business world makes good and deployable strategies imperative. Hence Overall risk management and primarily strategic risk management must get the top 2 ranks followed by Fraud deterrence and then compliance and IT.


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