Navigating the dynamic landscape of internal auditing: 10 imperatives for success
Allie Westwood 
Date published: Sep 19, 23
The business world is in a state of perpetual flux, shaped by the relentless forces of globalization, technological innovation, and evolving geopolitical landscapes. In this era of constant change, internal auditors find themselves at the forefront of a shifting paradigm, compelled to adopt fresh perspectives and strategies to address the challenges of tomorrow. A survey and report, conducted by the Institute of Internal Auditors (IIA) Research Foundation in collaboration with The Global Internal Audit Common Body of Knowledge (CBOK), offers valuable insights into the evolving role of internal auditors across the globe.
The report encapsulates a comprehensive analysis of the activities and characteristics of today's internal auditors, providing a roadmap for practitioners to navigate the complexities of the modern business environment. With a focus on anticipating emerging issues and fostering innovation, it presents ten essential recommendations for internal audit practitioners to excel in their roles. These recommendations encompass a wide spectrum of crucial areas, including the future of internal audit governance, global perspectives, risk management, standards compliance, talent management, and the integration of technology.
The 10 Imperatives for Internal Audit Success:
- Anticipate stakeholder needs: in a rapidly changing world, internal auditors must proactively identify and address the evolving expectations of stakeholders.
- Develop forward-looking risk management practices: embrace a proactive approach to risk management by anticipating and preparing for future risks.
- Continuously advise the board and audit committee: Serve as a strategic advisor, providing valuable insights and guidance to governance bodies.
- Embrace courage: embody courage in decision-making and actions, particularly when addressing challenging and uncharted territories.
- Support business objectives: align internal audit efforts with the overarching goals of the organization to drive business success.
- Navigate technology risks: identify, monitor, and mitigate emerging technology risks to safeguard the organization's digital landscape.
- Leverage data analytics: enhance audit findings and insights through the effective use of data analytics, unlocking deeper insights.
- Go beyond standards: while adhering to industry standards, explore innovative ways to elevate the impact of internal audit.
- Invest in personal growth: prioritize professional development and self-improvement to stay relevant and effective in a changing landscape.
- Build and retain exceptional teams: assemble, motivate, and retain a talented team capable of meeting the evolving demands of the profession.
The Three Lines of Defense Model: a robust framework for modern governance
Endorsed by The IIA, the Three Lines of Defense Model stands as a formidable methodology for effectively assigning and managing risk management and control responsibilities. This model provides clarity on roles and responsibilities across departments, enhancing the organization's overall risk management effectiveness.
You can read more about The Three Lines of Defense Model in our blog post here.
Unlocking Audit Excellence with Ideagen
The Three Lines of Defense Model has proven to be a valuable tool for organizations, clarifying responsibilities and improving risk management. It also carries profound implications for those considering the implementation of internal audit and risk management software. Ideagen, a global leader in Enterprise Governance, Risk, and Compliance (eGRC) software, offers cutting-edge solutions to optimize audit productivity, compliance, and management information.
With over 25 years of experience, Ideagen's internal audit and risk management software represent the pinnacle of industry best practices. It encompasses audit best practices, a robust risk library, seamless deployment, and a modern user interface that supports both online and offline operations. Ideagen's track record in audit and risk management is unrivaled, making it the preferred choice for organizations operating in highly regulated industries.
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