2015 State of the Internal Audit Profession Study: The Canadian Perspective
In a world where the very concept of business is changing, the internal audit function has never been so important. To help their companies succeed, CAEs and other internal audit professionals must focus on finding their True North— the place where they can showcase their value across the organization, challenge status quo, and redefine the expectations of internal audit. But there isn’t a one-size-fits-all approach to how internal audit should evolve from where it is today, to where it wants to be in the future.
About the study
As a part of the 2015 State of the Internal Audit Profession Survey, we surveyed over 1,300 CAEs, senior management personnel and board members from countries around the world, including 82 from Canada. We also conducted 13 in-depth interviews in Canada in order to gain a deeper understanding of the internal audit issues that are top of mind for Canadian businesses.
64% of Canadian survey respondents believe the risks faced by their businesses are increasing. But risks don’t solely create challenges; they also provide opportunities for those companies prepared to take advantage of them.
71% of the internal audit stakeholders surveyed say that, considering the company investment in internal audit resources, they get value from internal audit. But value is relative. Only 16% of survey respondents say that their internal audit function is proactive and provides prospective strategic advice on risk beyond the execution of the audit plan.
If internal audit functions are to deliver the value-added service expected of them in the future, they need to make sure they have the right technologies, training, and skill-sets necessary to succeed.
Data and data analytics are essential if internal audit is to identify a broad spectrum of risks across an organization and then chart the right course to manage and audit these risks.