Recent reports of decreases in internal audit department staffing levels during 2008 and 2009 highlight the fact that audit departments must ensure that they function as true, value-added, business partners, and do not become too disconnected by excuses of the audit plan and independence.
Archive for the ‘Responses to the News’ category
Monte Carlo in Post-Downturn World
09/16/2009Monte Carlo simulations are extremely useful tools, as long as the analyst designing them and the end user making decisions both understand all the assumptions and potential pitfalls. The best simulation is only a reasonable estimate of the future over many time periods – it should not be the only thing considered, but it also shouldn’t be ignored, and the methodology shouldn’t become a tool of the past.
