The Future of Internal Audit

Author: Lynn Fountain

COVID-19 has impacted all professions and Internal Audit is no exception. As if communicating and conducting an internal audit on-site isn't challenging enough, now we face the challenges of remote work and a rapidly changing risk environment.

With the onset of the COVID pandemic in 2020, Internal Audit departments saw their audit plans changing and adapting. In many cases, internal resources were re-allocated to operational areas.

In addition to these challenges, Internal Audit saw challenges with:
 

• Emerging business risks and technologies


• Audit plan priorities


• Staff skills


• Department resources

Organizations, their environments and ways of working have evolved rapidly and in ways that had not been previously envisioned. This includes everything from reallocation of work responsibilities to being expected to conduct internal audits remotely. Internal Audit must look within to determine how to stay relevant and add value in this changing and emerging environment. It is important that Internal Audit is proactive and prepared, while remaining pragmatic, as the situation continues to evolve.

Publication Date: April 2023

Designed For
Accountants, Finance Personnel, CFO, Controller, Board Members, Management. Risk and Legal Professionals, Internal Auditors, Compliance Professionals, Process Improvement Professionals

Topics Covered

• Challenges with the New Standards
• Challenges with Typical IA Activities for the Future
• Emerging risks for internal audit
• Challenges
• Addressing Challenges
• Skills

Learning Objectives

• Identify the challenges for auditors to stay relevant in a changing business environment
• Identify challenges to the traditional audit process
• Identify top emerging risks for Internal Audit
• Recognize how to evaluate the impact of the changing environment (due to COVID-19) on the work plan of Internal Audit
• Identify and examine actions Internal Audit can take to address challenges
• Identify the importance of upgrading the skills and exposure of the Internal Audit team
• Recognize the role of technology in assuring a smooth transition to value-added auditing

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None