State of the Profession (SOTP) Launch 2015

PwC's annual survey results suggest that external drivers of change are influencing how internal audit should evolve to maintain its relevance.

As today's companies drive new business strategies forward, internal audit should also be evolving at a similar pace in order to maintain the relevance and value it brings. In this year's study of more than 1300 chief audit executives (CAEs), internal audit managers, members of senior management and board members, from Namibia and the rest of the world, PwC discusses the concept of True North, a set of ideals used to guide an organisation from its current state to where it wants to be. Finding True North requires innovation, self-reflection and the ability to ask "what should we do?" not "what can we do?"

In this year's research report we focus on:

  • How internal audit functions must evolve to meet the needs of ever changing and often transforming businesses.
  • How Internal Audit skills and capabilities must advance in order to contribute value.
  • The growing importance of data analytics and strategies for advancing their use.
  • Collaboration of internal audit with other lines of defence to strengthen overall risk management.

According to many interviewed, internal audit must evolve to keep up with the needs of a business which looks substantially different today. This evolution requires a mindset change for many CAEs and their stakeholders - a change in the perception of internal audit's role and the value it delivers.

Namibian Contacts:

Nangula Uaandja
Country Senior Partner
Office: +264 61 284 1065

Talita Horn
Partner, Risk Assurance Services, Namibia
Office: +264 61 284 1172

Birgit de Lange
Senior Manager, Internal Audit, Namibia
Office: +264 61 284 1317