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Internal Audit: A New Lens for Cost Management
Author(s) -
Friedman Mark,
Akaaboune Ouadie,
Margolis Donna M.
Publication year - 2013
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.21858
Subject(s) - internal audit , audit , function (biology) , business , information technology audit , accounting , control environment , process management , operations management , economics , joint audit , evolutionary biology , biology
The authors of this article see internal audit as a within‐firm tool that provides a new lens for cost management. Today, the role that the internal audit function plays in improving firm performance is being redefined. In part, this is because in today's fast‐paced economy, decisions are made quickly, and businesses need to draw on all of their resources to achieve competitive advantage. And, say the authors, the internal audit function is a natural fit for assisting in this newfound role—more than any other function in the organization. Internal audit will prove to be very useful as cost management takes an increasingly central role in strategy development. © 2013 Wiley Periodicals, Inc.