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An Audit of Strategy

Online Exclusives The IIA Mar 05, 2019

Four questions can help internal auditors ensure an effective strategic management process, the backbone of organizational success.

The International Standards for the Professional Practice of Internal Auditing and The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO’s) Enterprise Risk Management–Integrating With Strategy and Performance emphasize strategy as the basis for internal audits. Despite this, auditors still often lack the tools and methodologies to audit strategy development and implementation for their organizations. By understanding the needed competencies for tackling a strategy audit, internal audit can help improve governance, risk management, and internal controls in an organization’s strategic management process. 

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The Institute of Internal Auditors