With the risk landscape drastically expanded, are you getting the value you need from internal audit? Read PwC’s eye-opening 2013 survey of the profession to learn more.
While globalization, volatility, economic upheaval, technological advances, political and regulatory change have permanently changed the business environment, they have also drastically expanded the risk landscape.
And yet, as PwC’s 2013 State of the Internal Audit Profession Study reveals, many internal audit functions are not keeping pace with these changes—which poses a major challenge for companies (and audit committees) seeking to determine their future strategies for, and investment in, internal audit. (see regional comparative data on where the participants saw the greatest risks to their business).
Nearly 1,100 chief audit executives and more than 630 stakeholders including CEOs, audit committee chairs, other board members and senior finance and risk managers representing 18 industries and 60 countries, took part in this year’s survey. The overwhelming consensus was that internal audit needs to step outside of its comfort zone 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)
Internal audit must change its trajectory toward greater performance—or risk falling into a position of irrelevance and obsolescence as other risk functions outpace their contribution to the organization’s risk management.