The internal audit function is gaining more people and funding, according to a new survey released Monday during an Institute of Internal Auditors conference in Las Vegas.
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After dramatic cuts in staffing due to the COVID pandemic in 2020 and 2021, significantly more internal audit functions are now increasing their budgets (36%) rather than reducing them (13%).
“In today’s evolving risk environment, it’s crucial for organizations to allocate more resources to their internal audit functions,” said IIA president and CEO Anthony Pugliese in a statement. “Internal audit teams need adequate support to provide objective assurance and help manage risks effectively. As businesses embrace advanced technology for competitive advantage, internal audit leaders play a vital role in ensuring companies understand and address risks through robust internal controls.”
The survey found internal audit teams put a high priority on cybersecurity and IT audits, which together represent almost 20% of audit…
