Beyond Audit

CHAPTER 9Internal Audit Dashboards

FOR ANY INTERNAL AUDIT department to be successful, there has to be a system of checks and balances to determine performance accuracy and integrity. The most effective way to record and track internal audit performance is by incorporating a dashboard that captures key metrics that are representative and reflective of the current internal audit methodology. This chapter will define and explain a dashboard, as it is much more difficult to develop and implement a concept without really knowing what it is. In addition, the benefits of the dashboard along with the corresponding components and metric suggestions will be identified as well as how to interpret specific metrics and develop a corresponding action plan to address the gap.

As with any addition to an internal audit department's workload, it is critical to understand why the internal audit department wants a dashboard and how they intend to use it throughout the department. The first question that must be answered is, “Why do I want this?” The internal audit department management team must have a clear answer as to the purpose of how the dashboard is to be incorporated and used within their own group. Considerations include, but are not limited to, whether this is the best method to track audit methodology compliance; the most accurate process to track audit plan performance; the most effective way to measure our value to the company; or the most efficient way to validate that our audit ...