New demand from the board, senior organizational leaders, and regulators are requiring Internal Audit groups to refocus their efforts beyond compliance issues.  Many leaders have recognized the need for Internal Audit to play an expanded role - one that builds on its historic focus on value preservation (a control focus) to encompass activities related to value creation (a performance focus). Such a shift could enable internal audit - with the complexity of its perspective and the rigor of its processes - to add value to the business in new ways which are expanded upon in this publication.

This whitepaper discusses how Internal Audit's core competencies, position it to assist in a number of areas, including:

• Identifying emerging risks
• Applying quantitative and qualitative analysis
• Designing controls and evaluating effectiveness
• Auditing and evaluating monitoring techniques continuously
• Assisting with regulatory compliance