ABSTRACT
The Chief Executive Officer (CEO) of a Fortune 500 company had a major dilemma. The CEO can be an excellent initial partner, given their purview of the entire enterprise. Many Audit Committee members are former CEOs, CFOs, business owners, and leaders in their respective areas of expertise, such as supply chain management and information systems. The Audit Value Factor will equip with the fundamentals and tools to create a value-added internal audit organization, and get management’s attention. Traditional assurance services are the foundation and primary mission for most internal audit organizations. The number of hours devoted to consulting engagements will vary based on executive leadership and Audit Committee preference and whether we have made a compelling case for such efforts. The Audit Committee, internal audit’s primary customer, cannot be overlooked when building the case for adding value. Internal audit is not immune from domestic industries to spur development.
