IIA, COSO, CobiT, ERM — Individually these acronyms are an  alphabet soup of internal control and risk management concepts. Collectively, these concepts represent a multi-dimensional framework for risk management that incorporates the attributes of objective setting, risk identification, and risk management.  

WHAT IS INTERNAL AUDIT?
Within this framework, the internal audit function serves in various capacities. The Institute of Internal Auditors explains that the role of the Internal Audit Department is to assist management to attain company goals by providing an independent, objective, assurance and consulting activity designed to add value and improve an organization’s operations through independently reviewing and evaluating the effectiveness of operations and controls and by providing objective analyses and constructive recommendations. 

ROLES OF INTERNAL AUDIT
In recent years, auditors have played important consulting roles in Sarbanes Oxley compliance. As this process matures, the emphasis of many companies is turning to more comprehensive risk management programs.   

VALUE CONSIDERATIONS
Companies must continually evaluate returns on investment.  To ensure the Internal Audit function meets its goal of effectively serving management and the Board, we employ the following operating principles: