Internal Audit: The Strategic Powerhouse
Internal Audit: The Strategic Powerhouse
Gone are the days when internal audit was merely a compliance checkpoint. Today, it stands as a critical force driving strategic value and business resilience.
This evolution took centre stage at the BDO Malta Internal Audit Forum 2024, where industry experts explored how internal audit is shaping the future of corporate governance and growth. These insights were shared during the panel discussion, titled 'Leveraging Internal Audit for Strategic Value Creation'.
Beyond Compliance: A Strategic Partner in Action
Internal audit is no longer just about identifying risks - it’s about driving solutions. Panellists at the forum shared key strategies for transforming internal audit into a value-adding function:
- Aligning with Business Strategy – Collaborating with the Board and senior management to ensure internal audit priorities reflect business objectives.
- Agility and Adaptability – Maintaining a dynamic audit plan that adjusts to emerging risks and opportunities.
- Framing Insights for Impact – Presenting findings in a way that highlights business benefits rather than just pointing out gaps.
- Leveraging Technology – Harnessing AI, analytics, and automation to provide deeper, more strategic insights.
Shifting the Mindset: From Reactive to Proactive
A recurring theme throughout the discussions was the need for internal audit to move from a reactive function to a proactive business enabler. This transformation demands a forward-looking approach, embracing digital tools, and fostering closer collaboration with key stakeholders.Ruban Thangaraja, Director of Internal Audit at BDO Malta, underscored this shift: “The real value of internal audit lies in its ability to anticipate challenges and drive actionable strategies—not just respond to compliance issues.”