White Paper - Stakeholder Relationship Management

Whitepaper

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Author

Bruce Turner AM
CRMA, CGAP, CISA, CFE, PFIIA, FFin, FFA, FIPA, FIML, MAICD, JP

Date

2023

Topics Explored

Internal Audit, Internal Audit Management

Format

White Paper

Extract/Description

Effective stakeholder relationships serve internal audit and its stakeholders. While internal auditors gain enhanced insight into the needs of stakeholders and how internal audit may assist them in achieving their objectives, stakeholders gain a better understanding of internal audit’s value. Both benefit from an improved alignment between internal audit’s work and stakeholders’ objectives.

Key Points

1. Stakeholder relationships can be complex, and may involve a broad range of internal and external parties who affect and/or are affected by the efforts of internal audit.
2. Each stakeholder category may have different and sometimes highly specialised needs.
3. A number of key strategies must be developed to maintain effective relationships with each stakeholder.