Keeping pace with change: Enhancing internal audit performance
In today’s business environment, volatility, complexity, economic upheaval and political and regulatory changes are here to stay and drastically expanding the risk landscape. Despite this backdrop, internal audit functions are not keeping pace with these changes and many organizations are facing major challenges in determining their strategy for internal audit and reaping the benefits from their investment in internal audit.
In our 9th annual State of the Internal Audit Profession Study we surveyed nearly 1,100 chief audit executives (CAEs) and 630 stakeholders (CEOs, audit committee chairs, other board members and senior finance and risk executives) in 60 countries and 18 different industries
Based on our survey and 140 face-to-face interviews, there is a clear consensus that internal audit needs to improve its performance and maximize its contribution or risk evolving into irrelevance as other risk functions outpace them in contributing more to the organization’s risk management.
Our study takes a deeper look at the following issues :
Stakeholder alignment on important areas
Internal audit’s capabilities and performance
Internal audit’s coverage of critical and emerging risks
The attributes of leading internal audit organizations
The study also suggests the path forward to enhance the value that internal audit can and should deliver to the organization, which involves actions to be taken by board members, by management and by CAEs.