This archive report was first published on 15 September 2019.
As the role of internal audit continues to evolve, it is facing numerous challenges that require innovative solutions. According to a recent article, internal audit departments are struggling to fill positions with talented candidates, leading to increased pay for practitioners.
One of the major hurdles is meeting the expectations of boards and management teams. Internal audit must deliver on its value proposition to remain relevant in the organisation.
To overcome these challenges, internal audit departments must develop a workforce strategy that attracts and retains top talent. This includes identifying the critical skills and attributes needed in the modern internal audit department, such as analytical abilities, business knowledge, and communication skills.
Another significant challenge is building trust with business units. This requires internal audit to be transparent, fair, candid, and personable in its interactions. Becoming a trusted advisor also involves offering business units more insight and foresight than hindsight.
Internal audit must also provide more insight on risk and help the company adapt to the changing nature of risk. This includes understanding the business, forging strong relationships with business partners, and driving change.
Finally, internal audit departments must leverage technology to free up staff for more valuable tasks. This involves hiring people with technology backgrounds and teaching them how to be auditors, focusing on data analysis, and using data scientists to drive insights.
To be successful internal auditors, one must drive change, have passion, and stay relevant in a rapidly evolving environment.
