Internal audit teams employ various strategies to deliver heightened strategic value and relevance.
FREMONT, CA : "In the last few years, internal audit teams have navigated a global pandemic, huge swings in business conditions, hiring and retention challenges, exploration and adoption of technologies at unprecedented pace and scale, and are now facing a return to work dynamics, a shifting regulatory environment and rising stakeholder expectations," says Andrew Struthers-Kennedy, Global leader of Protiviti's internal audit and financial advisory practice.
In the 19th edition of its Internal Auditing Around the World profile series, Protiviti, a global consulting firm, has revealed insights from interviews conducted with chief audit executives (CAEs) from prominent companies. The report sheds light on how internal audit teams adapt to economic instability, rapidly changing regulations, a dynamic risk landscape, and heightened stakeholder expectations. The focus is on how these teams strive to provide greater relevance and strategic value to stakeholders.
"The internal audit teams featured in our report are focused on making themselves a critical component of their organizations' strategic delivery capability by leaning into these challenges and building next-generation teams and practices, delivering the level of relevance and value expected of even the most demanding of stakeholders," adds Andrew Struthers-Kennedy.
The report delves into the various approaches internal audit teams take to fulfill their core mandates. It involves leveraging established and emerging technological tools such as advanced analytics, automation, machine learning, and even artificial intelligence (AI). There is a consistent emphasis on enhancing the quality and impact of communication throughout the internal audit lifecycle, particularly during the reporting process.
By investing in their teams, internal audit leaders are dedicated to building next-generation internal audit organizations. They deliberately focus on developing various essential skills to meet the organization's present and future needs.
The report highlights internal audit teams' evolving strategies to deliver heightened relevance and strategic value. By embracing technology, improving communication, and investing in talent development, these teams are positioning themselves to effectively navigate current challenges and anticipate future demands.
