Internal Auditing Around the World®

Volume 19 — Relevance: One Goal, Multiple Paths

What does it mean for an internal audit function to be relevant? What can internal audit leaders do to increase the relevance of their teams?  

The big picture: Consistency, persistence and a strong belief in the value that a highly relevant internal audit function can deliver for the organisation are key characteristics we observed in the CAEs profiled and serve as a good lesson for others making the journey.

Why it matters:

  • A strong embrace of new and emerging technologies and related skill sets is vital to advancing the relevance journey for many internal audit functions.
  • To deliver relevant, actionable recommendations to the business, internal audit functions need teams of people with diverse backgrounds, perspectives and expertise.
  • One of the best indicators of whether an internal audit function is considered relevant is the business proactively reaching out to the organisation for guidance.

The bottom line: Relevance is a destination and an ongoing journey — with multiple viable paths — for internal audit. 

Featured Companies

The organisations profiled in the 2023 edition of this book represent a cross-section of industries and countries and include Bayer AG, Carlyle, ETN Turistar, Ferrovie dello Stato Italiane, GSK, HEMA BV, Hilton, Majid Al Futtaim Retail, Packaging Corporation of America (PCA), PNC, Tata Consumer Products, Vanderbilt University Medical Center (VUMC), Wesco, Westpac Group, and Zebra Technologies.

Through our interviews with these leaders, we learned that their aim, generally, is seeing their teams and the businesses they support emerge from this unusual period in history stronger and more agile than before. To achieve that, their organisations are implementing flexible work models, embracing new skill sets, taking advantage of emerging technologies, and applying an innovative approach and mindset to their work.