For many years, PwC has shared with us their view of the State of the Internal Audit Profession.
This year, the subtitle is Elevating internal audit’s role: The digitally fit function.
They have some useful words, but it is mixed in with an agenda with which I don’t totally agree. I will come to that later. But first, the good stuff:
- Internal audit needs (1) the dexterity to pivot quickly and to keep up with the digital pace of the business, and (2) the knowledge and skills to provide advice and strategic assurance in this new arena.
- Internal audit has to have a seat at the table with management. As you build these out, you don’t want internal audit to come in afterwards and identify gaps in controls. They really need to be there right at the beginning. However, it’s one thing physically having a seat at the table but another having the credibility to be listened to.
- Dynamic internal audit functions are embracing new technologies from multiple dimensions by providing advice and assurance that appropriate controls are in place as their organisations adopt new technologies and by using the technologies within their own departments to streamline the function.
- Internal audit leaders universally agree that annual plans and annual assessments are antiquated. More frequent and more-fluid cycles are what’s…
