The Next Generation of Internal Auditing – Are You Ready?

The Next Generation of Internal Auditing – Are You Ready?

Next Generation Internal Audit

It’s time to start thinking differently. Now.

Businesses are changing as they embrace the innovation economy. Well-documented advances in new technologies and the drive for innovation and digital transformation are upending industries and increasingly are challenging internal audit functions to remain relevant. The era of digitalization is a golden opportunity for internal auditors.

IA functions’ ongoing adoption of advanced technology, including but not limited to data analytics and robotics, is allowing for more forward-looking and less reactive actions in their own work.

 

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Insights:​

 
In today's time the speed of change of risk within the business is increasing exponentially and for internal audit to keep up with that we need a process that can continually assess the risks. Encouraging a change in mindset and a change in culture and innovation is the first and foremost.
 
Watch Andrew Struthers-Kennedy (Managing Director) and Michael Thor (Managing Director) talk more about the next generation of internal auditing.

 
As pointed out here on The Protiviti View, technology implementation and adoption is a people challenge more than a technical challenge. The more organizations can do from the outset to communicate, train, educate and acclimate their internal audit teams to the merits of their desired future state, the sooner they’ll be able to reap the rewards.
 
Listen to Barbi Goldstein, a Managing Director with Protiviti’s Internal Audit and Financial Advisory practice, share her impressions from the SIFMA IAS conference (recorded live).

 
A forward-looking audit function should provide insight, oversight and foresight around an organization’s current and future risks and controls, especially in today’s fast-paced, “innovate or die” business environment. Protiviti’s vision for the next generation of internal audit includes: moving toward dynamic risk assessments; adopting an agile approach to auditing; leveraging data and technology to enable activities throughout the audit lifecycle; delivering high-impact reports; managing talent in the age of digital disruption; and instituting an innovation mindset.

 
2019 Internal Audit Capabilities and Needs Survey, in which we take an in-depth look at the adoption of next-generation internal audit competencies such as agile auditing, artificial intelligence, machine learning, robotic process automation and continuous monitoring, among many others, provide a detailed assessment of how internal audit groups are progressing on their next-generation journeys. ​It’s encouraging to see that most internal audit functions have launched innovation and transformation activities, starting their next-generation journeys. However, more substantive progress is needed in a number of areas if early-stage next-generation internal audit models are to mature and fulfill their massive potential.

 
In this seventh annual survey, Protiviti and North Carolina State University’s ERM Initiative report on the top risks on the minds of global boards of directors and executives. Our respondent group, which includes 825 board members and C-suite executives from around the world, provided their perspectives about the potential impact over the next 12 months of 30 risk issues.

Contacts

Brian Christensen
EVP, Global Internal Audit
+1.602.273.8020
[email protected]
Michael Brauneis
US Financial Services Industry Leader
+1.312.476.6327
[email protected]
Jonathan Wyatt
Global Head of Protiviti Digital
+44.20.7024.7522
[email protected]
Michael Thor
US Internal Audit & Financial Advisory for Financial Services Leader
+1 312.510.4685
[email protected]
Andrew Struthers-Kennedy
IT Audit Practice Leader
+1.410.454.6879
[email protected]
Barbi Goldstein
Managing Director
+1 212.603.8351
[email protected]
Scott Jones
Managing Director
+1.213.327.1442
[email protected]