Horsham, PA, May 22, 2007: Relevante, Inc. has conducted a survey of Internal Audit executives from mid to large size companies from New York to Baltimore. The ongoing survey, led by Brandon Weinstock, CPA - Director of Project Consulting, is conducted through extensive one-on-one interviews in order to drill down into meaningful data and findings. The results to date -- titled “Pulse of Large Enterprise Internal Auditing”-- were presented on May 18, 2007 at the Institute of Management Accountants Mid-Atlantic Council Professional Development Conference. The conference was held at the Radisson Valley Forge Hotel, King of Prussia, PA.

 

Over about a two month period, Weinstock conducted in-depth interviews with 36 internal audit executives. In the course of the interviews, he gained many insights from several mid to large company Internal Audit executives. Here are a few of the key conclusions gathered:

 

	The standards setting environment and pace of change are major challenges.
	Sarbanes-Oxley created stronger internal auditor independence (but not in all cases).
	Many audit committees do not satisfactorily understand and address operational risk and enterprise risk.
	Use of external resources to manage and staff internal auditing is prevalent as 100% of the survey participants use at least some outside services.
	Staff availability is a major issue. In a strong labor market for auditors, there is a lack of “supply.”
	Value-added is a growing concept but managers are struggling with what it means and how to deliver it.
	Sarbanes-Oxley testing remains the single largest scope and budget category.

 

The survey activities will continue with additional interviews; capturing the latest internal audit trends. “As we develop the results, Relevante will gain and retain a wide perspective of the markets needs and demands for internal audit services,” said Weinstock.

 

There will be subsequent presentations of the survey to other professional organizations. If you are interested in the survey or the results, please contact Brandon Weinstock at (215)259-5115 or bweinstock@relevante.com.