Key Imperatives for Internal Audits

Internal audits are playing an ever more important role in helping businesses succeed. In an environment where technological innovation and global interconnectedness presents rapidly moving challenges and opportunities for business owners, more and more organizations are relying on internal auditors for insight.

There are key areas where internal auditors can specifically excel, to meet new challenges. Listed below is a summary of some of these top key findings.

Anticipate the needs of stakeholders. Only 56% of internal audit departments consult with audit committees, according to a survey of chief audit executives (CAEs). Improving channels of communication can assist internal auditors to better anticipate expectations.

Support the business’s objectives. A lack of alignment with strategy can oftentimes make it difficult for internal auditors to demonstrate the value they add to their organizations.

Identify, monitor, and deal with emerging technology risks. Cybersecurity and social media audit activities are expected to increase over the next upcoming years. As technology risks are continually evolving, internal auditors must keep pace with that evolution.

Go beyond the IIA’s standards. Strong quality assurance and improvement programs demonstrate a commitment to quality. Additionally, internal auditors can go beyond the required standards, to deliver specific and high-value activities for the organization.

Enhance audit findings through greater use of data analytics. Technology enables internal auditors to analyze complete data sets, instead of limited samples. This improves efficiency and sophistication in auditing data-rich areas.

To learn more about key areas of internal audit, and to read the entire article, please visit www.journalofaccountancy.com.