Internal audit today faces a major challenge: to expand its contribution in the face of dramatic, widespread change.
To be sure, internal auditors remain relevant and add value. But according to PwC’s 2017 State of the Internal Audit Profession Study, half of audit committee and business leaders who say they already receive significant value from internal audit expect still more than they currently get.
Answering that call is proving difficult given how businesses have changed in the past decade, forcing internal auditors to rethink how their operations are run. They know internal audit must adapt more quickly—not simply to keep up with the pace of change but to accelerate past it. That’s the key to thriving in the new world order instead of settling for mere survival. But how? The answer lies in a revolution in the ways internal audit uses analytics.
To break through internal audit analytics’ arrested evolution, internal audit needs a revolution in the way it thinks about audit: to make analytics a truly integrated and supported part of the entire audit program.
At some companies, that revolution is already under way because internal audit functions are breaking through their arrested evolution and using analytics to deliver organization-wide impact. And they’re doing so by taking an approach PwC calls the five core Es.