Point of View - Management must be more responsive to internal audit to avoid corporate scandals

by Tess Borges | Aug 08, 2022

150 delegates responded to a survey we conducted recently at our South Pacific and Asia Conference (SOPAC).  The findings found that almost half of organisations are not responding quickly to recommendations from senior internal auditors.   While 55% of respondents said their recommendations within internal audit reports are always acted upon quickly, 45% said this was not the case. 

The speed with which management responds to internal audit recommendations is an indicator of good governance within an organisation.  A failure to act was highlighted as one of the core problems at Star Casino and many of the other organisations besieged by similar failings; including The Crown inquiry, the Financial Services Royal Commission and many other large scale corporate scandals.

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