Internal Audit Roundtable Internal Audit Roundtable Internal Audit Roundtable

Our webinar on "Internal Audit Roundtable on Auditing the Strategic Planning Process" took place on Friday, 18 February 2022.

Although defining and executing on the strategy is an integral part of every company, we notice every year in our KPMG CEO outlook that companies struggle with various aspects of the Strategic Planning Process. These struggles show that it is not sufficient to simply have a Strategic Planning Process in place. The Strategy and the accompanying strategic planning process should be translated and embodied into the Financial Ambition, Business Model and Operating Model of your organisation. The brand, the products and services offered as well as the channels used, must reflect and manifest what is formulated in the strategy and corresponding ambition. In addition, the strategy and strategic planning process should be translated into all the design layers (layers that together form the organisation like the processes, technology, etc.) of the operational model (the configuration of all the layers in order to deliver value).

Given the relevance of this process, the Board of Directors and its Audit Committee should expect their Internal Audit function to provide meaningful insights and unbiased opinions. Ensuring that the organisation is well-equipped to execute its strategy and to respond to the changing environment, as well as the results of its own monitoring, should be one of the top concerns of the Chief Audit Executive. The Internal Audit function should not only be able to respond to the risks provoked by not having a strategic planning process in place, but must also be able to assess whether the business is performing the process in the best possible manner.

As a response, KPMG Advisory gathered a multidisciplinary team of professionals with expertise in internal audit as well as strategy to develop our Strategy Internal Audit work program. The audit program is based on the KPMG Planning Process and KPMG TOM Framework developed by KPMG’s Strategy team.

If you missed the webinar or would like to revisit it, we invite you to watch the recording and download the slides. If you have any further questions or comments, do not hesitate to reach out to the relevant expert.