Changing Horizon in Internal Audit - Kuwait Pulse of Internal Audit Survey 2022
As the COVID-19 pandemic impacted two years ago, Internal Audit (IA) globally witnessed swift innovation and improvisation to meet the challenges. In Kuwait, the stringent regulations issued by the Capital Market Authority (CMA) are making the IA fraternity more cognizant of its role in the fast-evolving corporate governance landscape. Against this backdrop, the Institute of Internal Auditors (IIA) Kuwait, in partnership with Protiviti Member Firm for the Middle East Region, conducted them to gain insights on recent regional IA trends.
The survey is useful for IA professionals and relevant stakeholders to understand how IA functions in Kuwait are adapting to the ‘new normal’. It also provides a comprehensive view of the practices adopted by them across organizations, including audit innovation and transformation, risk management abilities, among others.
This report aims to help peers benchmark their operations against leading practices and make them aware of common pitfalls.
- 91% respondents stated that COVID-19 led to a delay in the implementation of audit plans and/or they had to make changes in the audit priorities
- 38% of the respondents reported the IA functions remain indecisive on innovation and transformation
- 48% respondents stated that COVID-19 had an impact on their allocation of IA budget
- 54% respondents anticipated Cyber Security to be among the top 3 risks followed by Operational Risk (27% ) and Technology and Digitalization Risks (12% each)
- 62% of the respondents showed interest in undertaking transformation or innovation activities in the next couple of years