This expansion of services recognizes the new realities of organization existence, and the inability of traditional attest audit services to fully meet contemporary needs. It is a brave and laudable step forward. The advent of Assurance Services poses a fundamental dilemma for internal auditors, but also a magnificent opportunity. Also challenged is the appreciation of the fundamental difference in objectives between first party and third party auditing activities. Those organizations that focus all their audit and assurance efforts on comparison to standards and reporting to others, rather than improving their own capabilities to meet broad ranging business objectives, may have lost sight of their fundamental business purpose.
Internal auditors are indeed at the proverbial fork in the road.
However, the alternative path could lead to a future where internal auditors redefine, revitalize and expand their skills and perspectives to match contemporary needs, and become a truly critical component of the organization's governance structure. Ahead on the alternative path is the opportunity for expansion of both mission and methodology, to seize on the broadened concept of assurance services and apply it to internal audit needs. The future belongs not to traditional Internal Audit, but to Internal Assurance. Adopting an Internal Assurance perspective maintains the value added aspects of traditional attest oriented internal audit activities while vastly expanding value added capability. An Internal Assurance function includes and strengthens the contribution of reactive, independent, compliance, financially oriented audits by correctly applying the attest audit model.