Internal Audit 2012

A study examining the future of internal auditing and the potential decline of a controls-centric approach

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Internal Audit 2012 – Asia Pacific Supplement
In Asia Pacific, there is clear agreement among internal audit leaders that significant change will characterise auditing environments in this region for years to come, a direct reflection of strong economic growth. Competition is intense as more and more companies expand and go public, increasing regulatory oversight and placing greater pressure on internal control frameworks and those responsible for them.

A PricewaterhouseCoopers’ survey of internal audit leaders in Asia Pacific suggests that internal audit functions in this region will soon experience stepped-up requests for assistance from their chief stakeholders. Directors and executive management alike are turning to internal audit and other staff functions for help in the areas of corporate governance, risk management, fraud prevention and detection, and ethics, as well as internal controls. At this point, however, relatively few Asia Pacific internal audit groups have made the necessary adaptations to respond effectively to such requests.

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Internal Audit 2012
Since 2005, PricewaterhouseCoopers has been conducting an annual “State of the Profession” survey to provide audit leaders with important data and insights into current issues affecting the internal audit community. Given the many forces impacting internal audit in recent years, we thought it would be beneficial to develop a consensus projection of the trends likely to shape the world of internal audit by the year 2012. This report is the result of that effort, and we are deeply grateful to those who participated.