企业管治下内部审计的价值外文翻译Word下载.docx
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企业管治下内部审计的价值外文翻译Word下载.docx
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TheValueOfInternalAuditInCorporateGovernance
bySharonAllen
Today,corporateboardsmustprovidecloseoversightofsuchvitalissuesasfinance,accounting,riskmanagement,andcomplianceinoften-complexorganizations.Yetthereisanorganizationwithinthecompanythathasbeenshapingjustthecontrolsneededtoeffectivelymonitorthesegovernancematters—internalaudit.Bymakinginternalauditastrongerplayerinthegovernanceteam,smartboardscantapintoahighlyvaluablesourceofexpertise.
Internalauditorsarelikealighthouse.Theirworkprovidesapointofreferencethatenablescompaniestoknowwheretheyare—andtheirguidancecanhelpprovidetheinsightstheyneedtonavigatewithconfidenceintothefuture.
Thatiswhyexpectationsarehighthatinternalauditorswill“raisethebar”bycontinuingtoimproveoperatingefficiencyaswellaseffectiveness—notjustincontrols,riskmanagement,andgovernance,butcrosstheenterpriseasawhole.Therearethreemessageswouldliketoshareonhowinternalauditorsankeepthemomentumgoingbybuildingnewvaluefortoday,andbybecomingasourceofleadershiptalentforbusinessorganizationstomorrow.
First,internalauditorscanhelpenablethe“riskintelligententerprise.”
Whilemanagementandtheboardmay“own”risk,internalauditorscanplayakeyroleinenablingthe“riskintelligententerprise.”AtDeloitte,thisisanoutcomethatwestronglyadvocateforourclients,forourselves,andforanycorporationthatwantsto
growandprosper.
Thinkaboutit.Inallcompanies,riskabounds—ingovernance,instrategyandexecution,inoperations,andininfrastructure.Ifthemagnitudeofthischallengewerenotalreadyenough,otherfactorscanleveragetheimpactofrisk,fromthespeedatwhicheventscanunfoldtotheuncertaintythatoftenaccompaniesthem.Itwouldbegreatifthoseweretheonlychallengesbut,ofcourse,therearecountlessotherstoconsider.
Forexample,wecannotignorerisksthatmayhavelowprobabilitybuthighimpact,suchasacomputervirusoractsofnature.Separateriskscanalsoemergeandconnectwithdevastatingimpact,likedefaultsonsub-primemortgagesandtherapidriseofenergypricesthatacceleratedthissummer.
Furthermore,whenyouconsiderthatriskscanberandom,multiple,andsometimesconnected,itisawonderthatanybusinessleader,boardmember,orinternalauditorcansleepthroughthenight.However,onewaytoensureabetternight’ssleepisforInternalauditorstohelpmanagementandboardsbecome“riskintelligent.”ThatisatermweuseatDeloitteforcompaniesthatuseaprocessofthoroughriskassessmentasaprerequisiteforinformeddecision-making.
Internalauditorsoccupyastrategicpositionwheretheinterestsofmanagement,boardsandstakeholdersintersect.
Theapproachismultifaceted.Alongwithconsideringthespectrumofpossibilitiesacrossandbeyondthecompany,riskintelligententerprisestakeaction.Theybuildscenarios,theyweighprobabilities,theydevelopspecificresponses.Withariskassessmentprocessfirmlyinplace,organizationscancreatebetterstrategiesandmakebetterdecisions.
Internalauditorscanhelpinmanydifferentways.Occupyingastrategicposition,theyaresituatedatacrossroadswheretheinterestsofmanagement,boardsandstakeholdersintersect.Internalauditorscanseewhatneedstobedoneforcorporationstobecomemoreriskintelligent—and,thus,buildnewvalue.
Internalauditorsalsocanserveasaconduitofinformationforallpartiesinvolvedandplayakeyroleinbreakingdownorganizationalsilos.Theycandrivebothoperatingefficiencyandeffectivenessacrosstheorganizationbyhelpingthemconsiderriskinacommonlanguage.
Internalauditcanhelpboardsbypointingoutthedifferentkindsof“risk.”Riskislikecholesterol—itcanbegoodorbad.
Somanypeople,fromboardsandauditcommitteestoawiderangeofstakeholders,arecountingoninternalauditorstoprovidewhatweatDeloittecall“reassurance.”Thisistheinternalauditor’sstampofapprovalthatmanagement’sassuranceisreliable.Internalauditorshelpmakesuchreassurancepossiblebymaintainingtheirobjectivity,actingwiththehighestintegrity,andcommunicatingthehardmessagesaboutunmitigatedriskswhenevernecessary.
Internalauditorsalsocontributetobettergovernancebypointingoutmeaningfulconnectionsbetweenvariouspartsoftheorganizationanddifferentkindsofrisk.Riskislikecholesterol—itcanbegoodorbad.Fartoomanypeopletendtoforgetthatcompaniesgrowbytakingsmart,well-consideredrisks.Internalauditorscanprovidevaluableguidancebypointingoutwhenthereisanimbalance.Mostoften,suchimbalancesweighfartooheavilytowardriskavoidance.
Companiesthatfocussolelyonavoidingriskmaysurvivebutwillrarelythrive.Theyarelikeabeekeeperwhokeepsnobeesforfearofbeingstung.However,withtheirintimateknowledgeoftheenterprise,internalauditorscanhelpdeterminewhichrisksareintelligentandcancreateexcitingnewvalue.Theirguidanceasatrustedadvisorcanhelpexecutivesmakedecisionsthatbenefitthewholecompany.
Second,internalauditorscanserveasadvocatesforusingnon-financialmetricstohelpmanageriskholistically.
Assilosflattenandbusinessstructuresbecomemoreintegratedandholistic,internalauditorscanusenon-financialmetricstohelpuncovernewvalueanddevelopcompetitiveadvantage.
Thatisbecausevirtuallyeveryaspectofabusinesscanaffectrevenueandprofit.Manyso-called“non-financial”factorsofperformancecarryhiddenbutnotsosubtlepricetags.Eventually,thosepricetagscanaddupandeatawayatthetopandbottomlines.
Yetmanyorganizationspersistinfocusingonlyontraditionalfinancialmeasurementstoassesstheircondition.ResearchthatDeloitteconductedlastyearfoundthat87percentoftheCEOsandseniorexecutiveswepolleddescribedtheirabilitytotrackfinancialperformanceasexcellentorgood.
However,almosteightoutofevery10CEOssaidthatfinancialindicatorsalonedonotadequatelycapturetheircompanies’strengthsandweaknesses.Furthermore,just29percentconsideredtheirabilitytotracknon-financialperformanceasexcellentorgood.
Internalauditorscanplayavitalrolebyconsultingwithmanagementonwhichnonfinancialmetricsmaybemostuseful.
Enterpriseriskcanandmostlikelywillgrowifthosewholeadtheenterprisecannotseethebiggerpicture.Relyingsolelyuponfinancialmetricscancloudthebiggerpicturebymaskingsituationsthatmayneedimmediateaction.Therealityisthatfinancialmetricssuchascashflow,sales,orearningsareessentiallyhistoricalinnatureand,assuch,representlaggingindicatorsofperformance.
Non-financialfactors,however,cansignaltrendsasleadingindicatorsofperformance.Oursurveyrespondentsidentifiedcustomersatisfaction,operationalquality,innovation,andemployeecommitmentasthenon-financialdriversmostcrucialtothesuccessoftheircompanies.
Internalauditorscanplayavitalrolebyconsultingwithmanagementonwhichnon-financialmetricsmaybemostuseful.Oncethosemetricsareimplemented,internalauditorscandetermineifmanagementisusingthosemetricseffectivelytoachievebusinessobjectives.
Whatacompanyproducesorprovideshasalwaysbeenanimportantmanagementconcern.Yetthecurrentbusinessenvironmentisoneofintensescrutinythatmakeshowcorporationsconducttheiroperationsandhowleadersconductthemselvescriticalbusinesspriorities.
Areexecutivesaccountableandperformingethically?
Areacompany’sactionsharmingorsustainingtheenvironment?
Aregovernanceprocessesstrongandindependentfrommanagement?
Thesearejustsomeofthequestionsraisedbytoday’sstakeholders.
Perhapsmostimportantly,internalauditorsfeedanorganization’sethicalconscience.Thisisaroleverymuchinneed.LastDecember,GallupannouncedtheresultsofitsU.S.pollonthehonestyandethicalstandardsofdifferentprofessions.Nurses,gradeschoolteachers,andpharmacistsrankedthehighest.Businessexecutives,however,ranked17thoutofthe22professionsincluded.Clearly,thereiseithermuchworktobedone,ormanyperceptionstobechanged,orboth.
Acompany’sethicalclimateprovidesagreatexampleofhowinternalauditorscanusenon-financialmetricstotrackwhenchangesbegintooccurinanorganization’sethicalclimate.Subtlechangesintheethicalclimatedoaddup.Overtime,theycandriveoutcomesthatmayleadtoinevitabledecline—or,sustainedsuccess.
Still,howcanaboardormanagementknowwhensuchethicalchangesarebeginningtohappen,orwhentheyaccumulateandhardenintoadangeroustrend?
Suchobservationsusuallyarenotreadilydiscernablefromtraditionalfinancialmeasurements—often,notbeforeitistoolate.
Non-financialmeasurements,suchasasuddenincreaseinthenumberofanonymouscallstoawhistleblowerhotlineorfeedbackfromethicsorworkplaceculturesurveys,canprovidevaluablecuestoindicatewhenmanagementandboardsneedtotakeaction.Suchmeasurementscanhelpleadtoabetter“ROE.”No,thisisnot“ReturnonEquity,”butanewmeasureIliketothinkofas“ReturnonEthics.”
Organizationswithasuperiorethicaltrackrecordcanattractcustomersandcapitalfarmoreeasilythanthosewhoseethicsareinquestion.Furthermore,ifthemarket’sbeliefinacompany’sintegrityisconfirmedtimeandtimeagain,peoplecanbecomecustomersandclientsforlife.Ratherthanbeingadragonthetopandbottomlines,intangiblessuchasconfidenceandtrustoftencommandapremiumthatcustomersandclientsarewillingtopay.
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