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According to the IIA Audit Executive Center's Fall2012 Pulse of the Profession Study , the CAE's identified their top risk coverage priorities for2013 as follows:24% Operational14% Compliance13% General Financial12% SOX Compliance12% IT5% Risk Management Effectiveness4% Fraud4% Strategic Business Risk12% Other How do your priorities compare to the above ? Would you feel comfortable spending14% of your resources on compliance and only5% on risk management effectiveness and4% on strategic business risks?Is compliance risk really that important ? Are internal auditors still spending significant time on SOX compliance ? Please share your thoughts Source:http://waelbibi.blogspot.ca/2013/02/2013-internal-audit-focus-why.html
Compliance is a high priority in the internal audit focus in order to measure the effectiveness and efficiency of the internal control system of the company.
Unless and untill the compliance is not done properly how can it be possible to measure the effrectivenses of an internal control system
Cmpliances are for various purposes- Statutory complances,Regulatory complance, Compliance with policies and procedures etc., This compliance requirements are also on the rise day by day.Many a times checking of these compliances includes concurrently checking of other aspects also like operational etc.,Compliance with these aspects also involves good corporate Governance.This percentage is unavoidable,inclusive and beneficial for the companies.
