Audit's role is changing and managers can benefit
We've already discussed continuous auditing and monitoring and the respective roles of management and internal audit. In this column, I want to explore additional ways that audit can benefit business and financial managers.
Increasingly, audit is expected to provide management with insight into risk management and operational effectiveness. We all know that the role of internal audit is changing - both from experience and from numerous industry surveys. According to the 2007 PricewaterhouseCoopers Internal Audit 2012 study, auditors are expected to:
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more