The strategic objectives of organizations Dissertation

The strategic objectives of organizations - Dissertation Example This then enables the organization to better assess and mitigate the strategic risks. In addition, the internal audit function in organizations identifies strategic risks in an organization through the communication between the chief audit executive and the organizations’ board of directors. This is mainly through the giving of notices to the board of directors in situations where the chief audit executive feels that a manager in the internal audit has created high risks that are above the organizations’ set risk level. This will allow for assessment of the risk and designing of effective ways to deal with it. Overall, the internal audit function through open communication with the risk management department and the strategic department as well as other departments in the organization, control the risk level of the organization and report on impending risks. On many levels, results from primary research agree with results from the literature review which show that the i nternal audit play specific roles with regard to risk management and these include evaluating risk management processes, evaluating the reporting of key risks, reviewing the management of key risks and giving assurance on the risk management processes and that risks are correctly evaluated (Wieczorek et al. 2002). In these roles of the internal audit from the literature review, communication is cross-cutting. The third objective of this study was to make recommendations for internal audit and strategy professionals regarding potential improvements of the strategic role of the internal audit.