Internal audit departments are growing after sharp staffing and budget cuts in 2020 and 2021 in the wake of the Covid-19 pandemic, according to a new survey by the Internal Audit Foundation.
The organization’s annual survey, which this year included responses from nearly 450 internal audit executives and directors, found that chief audit executives (CAEs) were more than twice as likely to have increased their staffing levels than to have cut them over the past year (26% vs. 9%). And by a wide margin, departments are also seeing their budgets bounce back from the pandemic, with 36% saying their budgets are rising compared to 13% who said they’re shrinking.
“In today’s evolving risk environment, it’s crucial for organizations to allocate more resources to their internal audit functions,” said Anthony Pugliese, president and CEO of the Institute of Internal Auditors, the foundation’s parent organization. “Internal audit teams need adequate support to provide objective assurance and help manage risks effectively.”
This year’s report also reinforces the growing acceptance and adoption of artificial intelligence across a swath of corporate functions, including HR,…
