Rapidly shifting economic conditions, significant regulatory changes, and an uncertain future should lead to lively audit planning sessions on a host of important topics, from International Financial Reporting Standards (IFRS) considerations to fair value discussions and deeper conversations about risk and enterprise risk management. This article from Financial Executive magazine discusses how companies and auditors have an opportunity to review their audit work processes to improve how they can accomplish a more proficient and effective audit, and how the internal auditor can be an integral part of the process.

There's no question companies will be relying on their auditors to find additional cost efficiencies for next year's audit and that auditors will be working hard to ensure their resources are properly focused in ways that enhance audit quality.

As auditors and their clients approach planning for future audits, it is appropriate to consider whether the company has provided for an internal audit function that can benefit the company's internal control and risk management processes as well as external audit efficiency.