In a world where technology and globalisation are changing most industries at a dizzying pace, internal audit is no exception.
At the Metric Stream Governance Risk and Compliance Summit held in London this week, Mazars’ partner of internal audit and risk management Matt Dalton laid out his vision for the future.
“The impact the volatility and speed of change is having on internal audit is profound,” he said.
Recent developments such as global financial uncertainty, the fact that 60% of the world’s population now owns a smartphone, and changing regulation – including GDPR in the EU region – have changed how companies operate. In turn, this has affected what they expect from internal audit teams.
And Dalton said that they now expect internal audit teams to become trusted business advisors.
“Fundamentally, stakeholders are expecting more,” he said. “They want internal audit to be focused on the risks and issues of the future.”
This means new skills are required, and eventually a different kind of workforce will emerge.