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Elevating internal audit’s role: The digitally fit function

2019 State of the Internal Audit Profession Study

Our 2019 Global Risk, Internal Audit and Compliance Survey of 2,000 executives (half in risk functions) shows that as organisations move through digital transformation, internal audit functions that are more digitally fit more effectively help their stakeholders make better decisions, and take smarter risks.

The stakes from digital initiatives are high, in opportunities gained and threats missed from both new technologies and the heightened risks they bring. Now is the time to shift from discussion to action. An internal audit function’s digital fitness must match that of its organisation. If not, gaps across the lines of defense will widen, and more points of entry for risk will appear.

In our survey, we analysed the digital fitness of internal audit functions by looking at five important fitness dimensions:  Vision and roadmap, Ways of working, Operations, Services model and Stakeholder engagement.

Three habits in particular, combine to give internal audit more dexterity to move all six habits forward

As organisations go through digital transformations, we've identified six habits that help drive effective internal audit and overall risk management performance. Our study focus on three of these habits in particular that give internal audit more dexterity to move all six habits forward.

Our lessons from the most digitally-fit group, the Dynamics, guide internal audit functions towards what they must do to elevate their role in the organisation.

  • Upskill and inject new talent to move at the speed of the organisation: Creatively source talent to build the function’s digital skills, and invest to protect the talent you have
  • Find the right fit for emerging technologies: Audit and advise on emerging technologies and use them to streamline the function
  • Enabling the organisation to act on risks in real time: Build new methods and services to deliver assurance at the speed the organisation requires

"Technology has ushered in the digital age for businesses and its associated risks are constantly evolving . To stay aligned with the business goals in today's dynamic world, internal audit professionals not only need the right skill sets and knowledge surrounding the use of technology but also tap on its potential to enhance their internal audit approach."

David TohGovernance Risk Compliance & Internal Audit Leader

Find out if you have what it takes to make smart decisions about digital strategies and business risks.

If you are involved in digital initiatives, take our quiz to see how your strategies and moves to become more digitally fit compare to those of your peers (and competitors).

Take our quiz to learn how you compare

Contact us

David Toh

David Toh

Governance Risk Compliance & Internal Audit Leader, PwC Singapore

Tel: +65 9735 0156

Julia Leong

Julia Leong

Partner, Financial Services, PwC Singapore

Tel: +65 9756 2123

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