Assessing the Results of Protiviti's 2022 Next-Generation Internal Audit Survey
Innovation and Transformation Are Driving the Future of Internal Auditing
The past two years have seen unprecedented levels of innovation and transformation among organizations worldwide as they have pivoted and adapted in response to a historic global pandemic. Innovation and transformation are now mainstays in ensuring businesses stay relevant and competitive. This unquestionably is a mindset that CAEs and their internal audit teams must adopt – and many have.
If the internal audit function has yet to undertake any form of innovation or transformation activities, it is missing opportunities to remain relevant, lagging the competition, and likely building barriers to accessing and developing talent.
Innovation is about the creation of ideas and how those ideas can translate into value. It is about new and different ways of thinking and working, performing established activities in new and better ways, and pursuing new ideas.
Has your internal audit department completed or is your internal audit department currently undertaking any transformation or innovation initiatives?
- Internal audit teams are focused more on innovation and transformation.
- Large organizations tend to be further along in their journey, but smaller ones are not far behind.
- Close to half of internal audit teams see a high or medium level of return on investment (ROI) resulting from innovation and transformation initiatives, while a majority of CAEs see these levels of ROI.
- There may be an over-reliance on training and developing current staff to support innovation and transformation efforts.
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According to the results of our latest Next-Generation Internal Audit Survey, two out of three internal audit functions worldwide have completed or are currently undertaking one or more transformation or innovation initiatives.