In 2024, internal audit teams have much to contend with, from navigating increasing global regulatory changes to including the SEC’s new rules
Very few would argue that the role of internal auditors, like so many other accounting roles, has evolved far beyond what it used to be. In fact, in the years since the pandemic the industry has sped up the use of technology in audits and has created a workflow that explicitly relied even more on data accuracy. As we begin 2024, audit concerns will continue to include the increasingly complex and interconnected risk environment that organizations face today.
Top audit concerns
There are several areas that are giving audit teams some worries this year, including:
Regulatory requirements and financial reporting — The regulatory bodies, including the U.S. Securities and Exchange Commission (SEC), are expected to introduce new rules that could have significant implications and shift regulatory requirements. In addition to introducing new regulations in the past year, the SEC also increased the number of comments letters it sent to companies requesting additional information by more than 60%, and one can…
