Did you ever reflect on the expectations you have when it comes to the integrity of the team of external auditors of your organisation?
The role of external auditors includes much more than just the signed report at the end of an audit cycle.
Today I will talk about the value I see in external audit – when you have the right team on-site.
Auditors can bring added value in different areas to the organisation. But when the culture of integrity does not fit, the auditors create an additional risk to the organisation.
It is important to have the right team of external auditor onsite and integrity is also key in the team of external auditors.
It is the boards duty to ensure the quality of the external auditors.
The biggest mistakes happen in the planning of the audit which includes the process of identifying the right expertise of the team.
Without “understanding client’s business” the engagement is at risk from the perspective of the Board of Directors and the organisation.
Looking at recent cases like Wirecard for example rise the question how the risk mapping and planning of the audits were conducted and how deep the understanding of the clients’ business was.
IMPORTANT LINKS AND MENTIONS
If you would like to learn more about the Wirecard case please follow the link.
If you are interested about the Internal Audits’ impact in Cyber Security then listen to episode 29.
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