Thursday, November 13, 2008

Your internal auditors and IFRS

Is your internal audit department ready for IFRS? This is the title of a recent publication from Ernst and Young.

The document looks at the key risks in the IFRS conversion process and how the internal auditors should be involved.

Once again it reminds people that the earlier one starts the better. Many considerations are involved a a conversion to IFRS and there have to be controls over everything. Controls must be there and monitored. Internal audit has a role in ensuring the conversion plan is rigorous and appropriate, key milestones have been achieved and assessment of the effectiveness of the conversion. Remember also that the conversion deals with both accounting and non accounting issues.

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