Our latest research on financial stability and resilience looks at an issue that is a game-changer in every sector – survival!
Here are 10 reasons why this research is relevant to you:
1. You share responsibility for the survival of your organisation. Yes, the board is ultimately accountable but don’t forget that they place reliance on your assurance, your opinion, the testing you do and the reports that you write.
2. Not an accountant? Don’t worry, this report is designed for you. It’s something that all internal auditors can and need to understand. As the report notes: “Auditing financial stability is far more than just auditing financial processes. It is about effectiveness of an organisation as a whole, which in turn drives sustainability”.
3. Financial sustainability is an important topic as our economy emerges from the ongoing impact of the pandemic. As an internal auditor, you should always be aware of the financial condition of your organisation.
4. Financial, capital and liquidity risk is one of the top risks for an organisation according to 42% of chief audit executives surveyed for our Risk in Focus 2021 report. Our research gives you insights as to what your board should be doing to manage and mitigate the risk.
5. Case studies are a great way to learn. Our report includes learnings that are relevant for all sectors based on recent events in the aviation and travel, hospitality, retail sectors, third sector, private sector and financial services.
6. Cost-saving might be necessary for your organisation, either immediately or over the coming years to adjust to the effects of the pandemic. Internal audit’s role as trusted advisors can be influential in making sure that savings do not impact key controls. Can you see where you could make a difference? Read the report for ideas to demonstrate your value.
7. Is an audit of the treasury function on your audit plan? It should be - find out why in the report. If not share the knowledge with your CAE.
8. Reading this report will give you ideas for skills that you might want to upweight either personally or if you’re a CAE, across the team to avoid dependency on individuals/co-source.
9. What are the questions that your internal audit function has been asking of the management over the last year? There are 10 important questions on page 6 of the report. Have a look and see if you know the answers. Ask your CAE if you’re not sure - if they don’t please share the report with them!
10. And finally, why wouldn’t you. It’s a ten-minute read. Time well spent!