A majority of businesses want internal auditors to play a greater role in monitoring risks, according a survey published today by one of the Big Four auditors.

The PricewaterhouseCoopers (PwC) annual state of the internal audit study, which is published today, shows that two-thirds of companies want internal auditors “to play a more substantial role” in monitoring risks.

The study also shows that just 45 per cent of those surveyed were happy with the way that the most critical risks to their businesses were being managed.

Commenting on the findings, PwC partner Bob Semple said that executives rank the provision of advice on risks and controls very highly.

“Internal audit faces a significant challenge in delivering on both these expectations in order to deliver – and be seen to deliver – value to the organisation,” Mr Semple pointed out.