Having good information flow between board and management is essential but in itself is insufficient for a good level of assurance. Some form of auditing, however performed, is needed.

Larger organisations might be able to support a well-resourced internal audit team, smaller ones may outsource this function. Whatever the approach, the days of simply reviewing financial data and completing checklists are behind us – auditors need to take a more holistic assessment of the key drivers of organisational performance. Corporate risk registers nowadays are more likely to include organisational culture, employee mental health, and cyber resilience – and the auditors need to be able to explore these issues.

The implementation of technology and artificial intelligence to auditing offers opportunities to free audit resources to better focus on those risks likely to detract from the organisation’s future success. Successful auditing needs an examination of organisational culture and behaviours – a long way from a traditional checklist-focussed approach.

Taking the first step is never easy – if you want to get more from your organisation, then start a conversation with Crescus  and we’ll support you.