2012 State of the internal audit profession study

The majority of executives participating in PwC's 2012 State of the internal audit profession survey say their businesses face more risks than ever before and the consequences become apparent much more quickly.

PwC’s 8th annual study highlights rising stakeholder expectations and the role internal audit could play in risk management. It explores how leading internal audit functions have aligned themselves with these rising stakeholder expectations by expanding the footprint of risks they cover and clearly communicating deeper insights—“raising the floor” in a way that sets a new standard for internal audit functions across industries, geographies, and company sizes.

Methodology

PwC conducted the 2012 State of the internal audit profession survey in the fourth quarter of 2011 and the first quarter of 2012, and included more than 1,530 participants in 16 separate industry sectors from 64 countries across the globe. This year, for the first time, in addition to surveying internal auditors about the state or the profession, PwC surveyed the profession from the outside in, asking CFOs, audit committee directors, CEOs, and other stakeholders to share their views on internal audit’s role in the organization and its capabilities for supporting the risk management activities of the company.

More than 660 non-internal audit stakeholders shared their points of view through participation in the 2012 State of the internal audit profession survey in addition to approximately 870 chief audit executives across the globe. In addition, nearly 100 chief audit executives (CAEs) and stakeholders participated in one-on-one interviews, enabling PwC to share a comprehensive outside-in look at the profession for the first time.