BIS Review 13/2004  5  Internal audit’s review should determine whether the firm is accomplishing its stated control objectives, in light of growth and changes in the firm’s business mix as well as in regard to new customers, strategic initiatives, reorganizations, and process changes.
Internal audit should also evaluate the entity’s adherence to its control processes and assess the adequacy of those processes and its related disclosure practices in light of the complexity and legal and reputational risk profile of the organization.