The new Global Internal Audit Standards states that "The chief audit executive must develop and implement a strategy for the internal audit function that supports the strategic objectives and success of the organisation and aligns with the expectations of the board, senior management and other key stakeholders." This workshop will provide insights into essential elements, practical approaches and best practices to create a comprehensive strategy that positions the internal audit function as a proactive and valuable asset to the organisation.

Key topics to be covered

• Define the core elements of an internal audit strategy, its scope and its role in shaping audit functions and broader organisational governance
• Examine how a strategic approach enables internal audit to add value beyond compliance, contributing to risk mitigation and operational efficiency
• Understand the distinctions between a long-term internal audit strategy and the operational internal audit plan
• Identify the core elements of a robust audit strategy, including risk assessment, resource allocation, and alignment with enterprise risk management (ERM)
• Examine the process of developing a strategy that considers organisational size, structure, culture, and industry-specific risks
• Explore how a well-crafted audit strategy serves as a framework for continuous improvement and effectiveness in internal audit
• Discuss ways to use the strategy to drive performance metrics, improve team collaboration, and maintain agility in dynamic environments

Key learning outcomes

• Learn the significance of an internal audit strategy for achieving a proactive, value-driven audit function
• Understand the strategic role of internal audit and how a structured strategy drives value within the organisation
• Be able to distinguish between the internal audit strategy and plan and understand the complementary nature of each in effective audit management
• Acquire the tools and knowledge needed to develop a comprehensive internal audit strategy that aligns with organisational goals and risk profiles
• Gain insights into how a strong audit strategy can enhance audit team performance, improve efficiency, and foster continuous improvement