Amid expectations of regulatory change, as well as the emergence of new business models that are transforming entire industries, the role of an internal auditor has never been more challenging. In addition to ensuring their companies comply with rules, internal auditors are also taking on greater responsibility for preparing their companies to adapt to fundamental changes in how they do business.
On a recent CFO webcast, presenters noted that chief audit executives are building up their resources with practitioners who embrace technology to help them do their jobs. “Data and analytics are gaining a foothold in the audit function, but most internal auditors are at the infancy stage when it comes to their ability to fully leverage technology,” said Christopher Wright, Managing Director, Protiviti. And in addition, there is a need to provide support for enterprise risk management, which can be better informed through data and analytics.
Leveraging Analytics to Improve Internal Audit Performance
Today’s stakeholders increasingly realize that internal audit’s value to the organization is in its ability to provide independent and objective assurance, and oversight on a wide range of risks. Upcoming changes to accounting standards for revenue recognition and lease accounting have heightened attention on the internal audit function. There will undoubtedly be questions regarding these changes, and companies will rely on a robust audit team to ensure compliance and manage risk.
As a result, audit teams will need to sharpen their technology skills to employ data and analytics to help ensure the accuracy and timeliness of audits.
This eBook on auditing will explore:
- Staffing the internal audit function to ensure accurate and timely reporting
- Examining the evolving roles and responsibilities of internal auditors and how they are responding to pressure to change unfavorable findings
- Shifting strategies among regulatory bodies in how they are selecting audit targets
- Encouraging auditors to openly discuss their concerns and suggest ways to improve