Jason Pett shares the future of Internal Audit departments and their evolving roles.
The opportunity for Internal Audit has never been greater, but requires solving the puzzle of doing more with less. PwC is helping our clients be successful in these challenging times.
Hot off the presses, PwC’s 9th annual State of the Internal Audit Profession study takes an in depth look at how internal auditors are responding to the changing needs and expectations of their businesses (see regional comparative data on where the participants saw the greatest risks to their business). The overwhelming opinion of 1,700 executives participating in the 9th annual PwC State of the Internal Audit Profession Research is that internal audit needs to reach for new heights and contribute to the organization in a more meaningful way (see how coordinated internal audit's risk assessment process is with - Functional risk management groups).Download the 2013 State of Internal Audit profession.
Our research clearly indicates that internal audit must continue to evolve in its focus and significantly improve its performance—or risk losing relevance as other risk functions become more vital contributors to the organization’s risk management.
What are the most critical risks that the organization faces today?
How coordinated is internal audit's risk assessment process with - Functional risk management groups?
In our research, a subset of organizations represented by 5 percent of the respondent base stood out as “high performing” in that they manage risks extremely well and have internal audit functions that deliver significant value. High-performing internal audit functions stood out from others on a number of fronts, from the services they offer to the risks they address to the capabilities that enable their strong performance.
Two recent publications outline the path to distinction: