Thu, Jul 13, 2023

Audit Departments Make Progress With Transformation

Internal audit departments have faced unprecedented levels of disruption over the past couple of years. Changes in workplace culture, the increasing use of digital technology and data analytics, an evolving risk landscape, and a growing war for talent are putting increased strain on audit functions and the broader organizations they are part of.

Internal audit professionals have always strived to stay on top of risk and industry trends, and understand and align their activities to their organization’s priorities. These recent, ongoing disruptions are driving internal audit leaders, along with those in the broader risk arena, to accelerate their focus on evolving and innovating the methods, tools and processes used for managing risk and providing assurance, including the adoption of new technologies.

Innovation is often perceived as a monumental event or quantum leap forward. Yet, change can also be achieved incrementally in the form of microinnovations. If transformation is viewed through the lens of making progress in performing tasks more efficiently and effectively, then it’s perfectly appropriate to assume that incremental steps over time will add up, leaving the organization in a fundamentally different and better place than the current state.

Investing in additional training and team development in next-generation tools and strategies can go a long way toward addressing the capacity challenge.

Check at these KLplus CPE courses related to next-gen internal audit: