From top-down to tools-down internal auditing

Our friends at Protiviti, led by Brian Christensen, have given us yet another interesting piece.

Exploring the Next Generation of Internal Auditors makes some interesting points. Here are a few with my highlights.

• It’s time for internal audit leaders to stand up and ride their own wave of transformation and innovation.
• Innovation in internal audit is driven by a next-gen, trailblazer mindset, along with a willingness to make bold decisions, learn from mistakes and never stop asking, ‘How can we get even better?’
• Internal audit certainly has not been immune to the effects [of COVID-19] on their organizations, with audit plans shifting dramatically and assurance and compliance activities requiring multiple changes and adjustments to meet objectives and deadlines in this new status quo.
• The foundation of next-generation internal auditing lies in principles such as agility, real-time risk and controls monitoring, dynamic risk assessment, and the effective leveraging of data and advanced technologies.
• Risk assessment should be structured to respond to risks as quickly as they change. This requires agile methodologies supported by a more in-depth understanding of risks, as well as the…