4. Measuring Internal Audit Value
To secure a place at the strategy table, internal audit must add value, measure and
communicate that value to management, and determine how to provide even more
value by, for example, focusing on different or additional areas. To demonstrate its
value, internal audit tends to look only to the basic metrics such as the amount of time
to issue reports or resolve audit findings. To gain the attention of stakeholders, internal
audit must instead highlight its impact on the bottom line (for example, cost recoveries,
process improvements, and reduced cycle times). To further reinforce its relevance,
the internal audit function should align audit plans and performance metrics with the
business strategy and initiatives of the organization.