Panelists discussing the survey in a webcast on March 26 noted that the demands on internal audit had changed, and some identified enterprise risk management as a challenge to which the internal audit profession had to rise .  (Enterprise risk management takes a holistic view of all risks that can affect the value of the firm.)  It seems from the survey that there’s a long way to go.  PwC warns that there is  risk of the internal audit function “losing relevance as other risk functions become more vital contributors to the organization’s risk management.”

Aarg. To put it succinctly again in the spirit of Lebowski’s Sheriff of Malibu: “Keep your ugly, goldbricking asses, out of my beach community.”