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Dec. 21, 2020 5:30 am ET
Internal auditors are testing their companiesâ controls over key processes and procedures earlier than normal and reevaluating risks as they deal with a wider range of issues that could imperil the business during the coronavirus pandemic.
Internal auditors assess companiesâ risk management, governance policies and control mechanisms, whereas external auditors evaluate the accuracy of financial reporting.
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Internal auditors do their work by examining documents and interviewing executives and other employees, while also monitoring how people execute certain strategies. They review their companyâs exposure to external risks such as cybersecurity or climate change and help with operational issues by, for example, suggesting cost cuts to reduce risks to the balance sheet.
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For the past several years, City & State has closed out the year with a list of leaders in the private sector who are actively seeking to help New Yorkers and make our state a better place. It was a nice, uplifting feature that reminded us all that there’s more to life than making money as we brainstorm our own New Year’s resolutions.
But 2020 was different. As we shut ourselves in our homes and lost family, friends and neighbors to a deadly pandemic, and as the federal government abdicated responsibility, it fell on state and local governments and private institutions to do the responsible thing and pick up the slack to help New Yorkers in their time of need.
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