Internal_Audit_A_Top_Table_Function
28 September 2006
Speaking at the Annual General Meeting of the Institute of Internal Auditors – UK and Ireland, newly elected president Alec Richmond called on the business world to recognise that internal audit needs to operate at the "Top Table" in companies.
Referring to the scandals that have rocked the business world in recent years, he reminded organisations of the vital role that the profession had to play in giving assurance that businesses are properly governed. Boards, he said, 'needed to recognise the strategic value of internal audit which should make a significant contribution to the long term success and sustainability of their business'.
Turning to his fellow professionals, Alec reminded them of 'the need to stay focussed on the big picture'. He said 'we need to deliver on the public interest. This should be our goal as a profession, that society is so convinced of our overriding importance to corporate health that there is no debate on the role we should play. We must put ourselves in a position to bring an overall opinion on the governance, risk management and internal controls of the entities we work in.'
He challenged the audience to support the Institute's mission to provide dynamic leadership as the recognised authority on internal auditing and to promote global standards, best practice for the benefit of its members and their organisations.
Alec who succeeds Phil Tarling as President of the IIA is no stranger to these challenges. Until his recent appointment as Director of Risk Assurance Services for RSM Robson Rhodes, Alec had global responsibility for the internal audit function for the worlds largest confectionery company, Cadbury Schweppes. A Chartered Accountant Alec is also a Fellow of the Institute of Internal Auditors – UK and Ireland.