The main disappointment, however, has been the performance of consumer spending. There is no doubt that there has been much to hold consumption back. Employment and wage growth have been modest. Persistently high and volatile oil prices have had a dampening influence.
In particular, an effective internal audit function will: identify processes to be audited based on risk exposure, establish a schedule and frequency for performing internal audits, ensure that there is accountability for fixing problems identified in the audit, and escalate significant unresolved issues to the board of directors or its audit committee.