A global technology leader and Protiviti client had this kind of vision. The organization was built by engineers with innovation as a core value. They were used to playing with ideas, thinking laterally and solving for the future; and they wondered how their internal audit function could match the business’s unsatiable appetite for innovation and insight.
The company likes being a leader in everything. They’re also an organization that articulates and lives its values. Audit’s transformation, therefore, had to align with those values. The company partnered with Protiviti to help create a strategy and a road map to transform their internal audit function.
A CAE Takes on Transformation
The chief audit executive (CAE) took the lead on reinventing the department to align with the company’s core values. The CAE wanted an audit function that was more focused, more directed and more capable of providing insights to senior management. He asked Protiviti to assist with articulating annual goals for the department and with developing a strategy for attracting, retaining and developing internal audit team members who could execute on that vision.
The CAE embraced Protiviti’s next-gen internal audit framework to guide the internal audit transformation. The framework consists of twelve transformative areas that address competencies, qualities and components in three broad categories: enabling technology, methodology and governance. These areas can be approached in any sequence; in this case, the CAE prioritized the areas that would bring his organization the biggest and earliest rewards.
A Framework for Audit Innovation
The internal audit team created a vision of success focused on its customers — the audit committee and the stakeholders in the business — while providing new and exciting opportunities for the IA team members to learn and grow along the way. This led to immediate improvement in value delivered to the business and employee engagement.