Internal auditors play a crucial role in ensuring the integrity and effectiveness of an organization’s risk management, governance, and internal control systems. As such, it is important that internal auditors be included in strategic and finance meetings of the organization. Here are some reasons why:
To provide insight and perspective
Internal auditors have a unique perspective on the organization’s operations and risks. They have a deep understanding of the organization’s systems and processes, and are trained to identify and assess risks and controls. By participating in strategic and finance meetings, internal auditors can provide valuable insights and recommendations based on their knowledge of the organization. This can help decision-makers to make informed decisions and take a more proactive approach to risk management.
To identify potential risks and controls
Internal auditors are skilled at identifying and assessing risks and controls within the organization. By participating in strategic and finance meetings, they can help to identify potential risks and recommend controls to mitigate those risks. This can help the organization to proactively manage its risks and ensure that its systems and processes are operating effectively.
To support decision-making
Internal auditors can provide valuable support to decision-makers by providing assurance that the organization’s systems and processes are operating effectively. This can help to build confidence in the organization’s decision-making process and ensure that important decisions are based on accurate and reliable information. By participating in strategic and finance meetings, internal auditors can help to ensure that the organization’s decision-making process is based on a solid foundation of information and risk assessment.
To foster transparency and accountability
By participating in strategic and finance meetings, internal auditors can help to foster transparency and accountability within the organization. This can help to build trust with stakeholders and ensure that the organization is operating in an ethical and transparent manner. Internal auditors can also help to ensure that the organization’s financial reporting is accurate and transparent, which is crucial for building trust with shareholders and other stakeholders.
To improve communication and collaboration
Internal auditors can help to improve communication and collaboration within the organization by participating in strategic and finance meetings. By sharing their insights and recommendations with other stakeholders, they can help to build a culture of transparency and collaboration within the organization. This can help to improve the overall effectiveness of the organization’s systems and processes.
In conclusion, internal auditors should be a part of strategic and finance meetings of the organization to provide valuable insights, identify potential risks and controls, support decision-making, foster transparency and accountability, and improve communication and collaboration. By including internal auditors in these meetings, the organization can benefit from the expertise and perspective of this important function.