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Recent changes in corporate governance worldwide affect the strategic directions taken by most organizations. International codes for corporate governance now recommend the establishment of an Internal Audit Function as a benchmark of best business practice. In order to ensure compliance with these codes, it is essential that the service delivered be of world-class.
As a result of changes in organizational needs, technology and complexity of organizations’ activities and systems, the nature of the services sought from the Internal Auditors has been transforming over the years from an emphasis on traditional/compliance audit where independence has been the core paradigm, to a value-adding role where partnering with management is accorded greater significance.