PwC’s latest survey of over 4,600 internal audit leaders, Board members and other business leaders in 81 countries including in Ireland reveals that internal audit functions in Ireland can add greater value to the business while improving the effectiveness of risk management.
Just 26% say their internal audit team is very effective at raising significant risks
Just 26% of Irish respondents said that their internal audit team is ‘very effective’ at raising significant risks and challenges that the business had not yet considered, significantly below global peers (49%).
Aspiring to become a trusted advisor
Just 15% of Irish respondents stated that their internal audit department is currently seen as a ‘trusted advisor’. At the same time, over half (54%) would like their internal audit department to be a ‘trusted advisor’ in three years’ time. The survey highlights that certain activities could benefit from greater internal audit involvement such as risk monitoring and assessment, governance and business wide risk management. The survey found that less than one in ten (8%) Irish executives ranked strategic and creative thinking, flexibility and agility, as key…
