This archive report was first published on 12 September 2019.
Challenges Facing Internal Audit Departments ¶
Published on September 12, 2019, internal audit departments are facing numerous challenges, including staffing difficulties and rising salaries.
One of the major hurdles is meeting the expectations of stakeholders, which requires internal audit to deliver a strong value proposition. This includes providing more insight on risk and helping the company adapt to the changing nature of risk.
Some of the key risks that internal audit needs to provide assurance over include regulatory compliance, third-party relationships, cybersecurity, emerging markets, and IT governance.
However, many internal audit departments are struggling to find good IT auditors, which has led to a need to hire people with technology backgrounds and then teach them how to be auditors.
Building trust is also a significant challenge, as it can take a long time to build but can be damaged in an instant. Steps to earning trust include being transparent, fair, candid, and personable.
Ultimately, internal audit must become a trusted advisor, offering business units more insight and foresight than hindsight.
