Opportunities for Strategic Innovation – Examination Question Synopsis This case study examination question and model answer is from the IIA–UK & Ireland Advanced Diploma in Internal Auditing and Management, demonstrating the level of knowledge theory (management, marketing, agency, stakeholder, governance, social responsibility, environmental), as well as the importance of legal and regulatory requirements, required by its syllabus. While reading the question and model answer you should imagine the cutting edge internal auditing resources and practices needed in the scenario to improve the value that internal auditing can provide to the board, management and all stakeholders, during the implementation of the described strategy and future operations.

After Reading the Case Study Consider:
1. What knowledge would you need to manage in your engagement team to be able to add best value to the organization wearing an assurance hat?
2. What knowledge would you need to manage in your engagement team to be able to add best value to the organization wearing a consultant’s hat?
3. What knowledge would you need to manage in your engagement team to be able to add best value to the organization wearing a teacher’s hat?
4. What knowledge would you need to manage in your engagement team to be able to add best value to the organization wearing a facilitator’s hat during the assessment of risks associated with the board’s strategy?
5. How did the key observations you make when reading the case study compare with the model answer?
6. Did you imagine any cutting edge resources and practices that would improve the value of your services to the organization as the board’s strategy is implemented and in future operations?