Archive of Journal - Financing

Financing – scientific magazine for economy

ISSUE 2023, No. 1, Article 3, Year of publication: 14, March, 2023
Challagnes of effective change management and the role of internal auditing/span>


Tamara Stojanović, PhD*

*PhD Associate Professor, University of Banja Luka, Faculty of Agriculture, Department for Accounting and Business Finance




Although changes are a constant in life, organizations face many challenges relating to change management. Numerous authors tried to identify main obstacles to implementing changes and researched how to remove obstacles, minimize risks and achieve positive results. Changes are often identified as risks and therefore efforts are made to manage them by using the approach of ‘causation’. However, this approach is not so effective when dealing with unexpected changes, and an alternative is the process of ‘effectuation’, which is based on existing resources and sees changes as chances and opportunities. The ‘new normal’ we are facing after the global pandemic imposes the need to reconsider the previous management approaches, including the role of internal audit. Given its specific position within the organization, as well as the scope of work defined by professional standards, internal audit has the oportunity to contribute to effective change management. Depending on the development level of the risk management process, internal audit’s support will range from various forms of consulting (encouragement, education, professional assistance in implementation…) to assurance activities. The importance of this paper is reflected in the recognition of new roles and ways in which internal audit could contribute to the creation of added value, through its focus on human resources and a new approach to change management.

Keywords: change management, risk of change, internal audit, effectuatiion, added value.

DOI: 10.7251/FIN2301039S

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