Time spent reviewing the effectiveness and efficiency of systems and processes is something that, although desirable, tends to be overlooked as management are too busy performing their day-to-day activities to become involved in initiating and performing such tasks.

A review by the internal audit function (internal or outsourced) is an opportunity for management to have their systems and processes reviewed without having to commit significant amounts of time or resources, whilst still retaining the level of contribution desired. The review, as well as highlighting existing strengths, can identify potential areas of weakness or inefficiency within a system or process based upon key risks. As a result, the internal control environment can be enhanced with the final audit report outlining areas for improvement and recommended remediation activities necessary, which can form the basis of a management action plan.