Factsheet - Internal Audit and Corporate Restructure or Collapse

Factsheet

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Author

IIA-Australia

Date

2022 

Topics Explored

Internal Audit, Internal Audit Management

Format

Factsheet

Extract/Description

This Factsheet applies how internal audit may assist when a company is subject to merger, significant restructuring, or goes into administration. It is also relevant to Machinery of Government changes, which are treated as a merger and acquisition for the purposes of this Factsheet.

Key Points

1. Boards may look to mergers and acquisitions when the growth of their company has stalled or when they are responding to disruptive innovation.
2. If the future is uncertain, internal audit will need to show where it can help and in a timely way.
3. Develop a ‘plan on a page’ showing how internal audit can help the business right now.
4. Internal audit should offer a wider range of services – services suited to the immediate circumstances.
5. Try to pay your way by finding savings that exceed your cost.
6. Help the audit committee to carefully consider impacts of mergers and acquisitions progress.
7. Maintain active engagement with stakeholders to understand their needs and expectations.

Relevant Industries

All

Level of Assumed Knowledge

Expert

Aligned to Global Internal Audit Standards

No