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Auditing represents corporate culture, because it defines how a company thinks and behaves. It should include risk management, governance, value creation and organizational culture.
The effectiveness of auditing activities depends on the ability to generate and create value. Nevertheless, the Internal Audit Departments are still under the pressure of regulatory contexts that are more and more restrictive and of financial constrictions that depend on the market's particular situation and on the progressive focus on the corporate administration’s mechanisms.
Even though the financial controls are normally the center of attention when trying to improve work effectiveness, the operative processes and the regulatory compliance often play a more important role. Organizational culture is specially the one with an actual impact on the mid and long term. This document explains some of the most common dilemmas regarding internal auditing and organizational culture.
It also includes different systems and tools to identify the causes of a negative situation in a company, find long term solutions and minimize the impact of future risks: The 5 Whys, fishbone diagram and organizational effectiveness.
Lean philosophy significantly improves corporate managements because it identifies assumed risks and is centered in the mid and long-term implications of decisions, which are aligned with the risk level previously established by the C-Suite.
To reinforce this approach and better understand the theory, this document clarifies the cases of Barclays, BAE Systems and 3i.
This document was developed by Corporate Excellence – Centre for Reputation Leadership and among other sources contains references to the book Lean Auditing written by James C. Paterson, head of Risk & Assurance Insights, Ltd., and published by Wiley in 2015.
