With uncertainty about the Affordable Care Act, the expectations of senior leaders and board members are clear. Serve clients, manage risks, and identify improvements to the bottom line across organizations. Internal audit departments are key players in supporting the “managing risks” piece of that equation. However, too often internal audit is not sought out when it comes to identifying ways to improve the bottom line. Internal auditors are uniquely qualified to assist management with identifying areas where cost reductions or revenue improvements are possible.
Few employees in an organization support as many different aspects of a business as the internal audit team. Their daily activities require a deep dive into various functions and processes across departmental lines, allowing them to connect the dots in ways that others are not able to do. During this webinar we’ll examine case studies that spotlight how such cost savings or revenue enhancements can be identified and how teams are balancing objectivity and the critical needs of businesses.
As a result of viewing this on-demand webinar, you should be able to:
- Determine the role that your internal audit team should play in conversations and plans to improve financial performance
- Clearly communicate to management:
- The value that internal audit brings to risk identification efforts related to budgetary concerns
- Existing opportunities for revenue improvements and/or cost savings
- Assess how your internal audit department can identify and report cost savings or revenue enhancements as part of the audit process
- Develop a plan of action for capturing new cost saving ideas from your team
The demand to do more with less will never go away. For that matter, top-performing companies continually perform self-examinations to identify how they can be more effective and efficient. By tapping into the cross-departmental perspective of internal auditors, organizations can identify a steady stream of actionable items that improve financial results year after year.