Internal Audit Handbook（2007）A3-Internal Audit：Meeting Today’s Needs.pdfVIP

2 Internal Audit: Meeting Today’s Needs 2.1 The Dynamics of the Operating Environment Key Po INTs ••• • Internal Audit is influenced by a variety of factors, including regulatory and legal requirements, internal expectations, and competitors. Internal Audit can and must meet these factors with flexibility and in accordance with company objectives and the standards established by the professional institutes. • The external environment and internal factors demand that internal audit func- tions are integrated within the business processes of the organization. GlobalGlobal To be a viable global competitor in today’s business community, organizations must oorientationrientation juggle constantly evolving operational processes, a multitude of varying legal re- quirements and regulations, and the increasing demands of international business relationships. While traditional business activities, such as delivering quality prod- ucts and services, continue to be decisive prerequisites for business success, global market factors must also be carefully considered. Due to the complexity of the in- ternational environment, organizations face stringent time, resource and cost con- straints that are more significant than ever before. Operating in a global market provides