What are the skill sets and staffing needs of an internal audit activity?
A broad range of skills and expertise, and ongoing professional development are critical to the formation and maintenance of an effective internal audit activity. Essential elements include in-depth knowledge of the organization’s industry and internal audit Standards and best practices; technical understanding and expertise; knowledge on, skills for implementing and improving processes in both financial and operational areas; strong communication and presentation skills, and professional certification, e.g. CIA. Although some co-sourcing and outsourcing might be necessary when unique competencies and specialty skills are not affordable or available, the oversight and responsibility for the internal audit activity cannot be outsourced. Today’s internal auditors must provide to their audit committees explicit assurance on organizational governance, as well as meet ever-increasing demands of management and other stakeholders. They must excel as internal control and risk management expert
