In an environment of transformation, increasing complexity and an evolving risk landscape, Executives and Boards are looking to Internal Audit for confidence and insights. For many Internal Audit functions, this means evolving to keep pace with the needs its stakeholders, and business.
Internal Audit is not only about ticking boxes. It’s a strategic opportunity for every organisation. It’s a function that has the potential to drive innovation and productivity, to share insights and possible solutions, and deliver a return on its investment.
Should you expect more from Internal Audit?
PwC’s 2016 Global State of the Internal Audit Profession Study, now in its 12th year, paints a very clear picture.
Of the 1,600 Chief Audit Executives (CAE’s) and their stakeholders, including senior management and boards, 54% believe Internal Audit is contributing significant value, but this is not enough:
62% expect more value from Internal Audit by expanding its traditional assurance role.
55% expect IA to become a more proactive trusted advisor in the next five years.
Only 11% believe it’s happening now.
Do we expect enough from Internal Audit? What could the future of Internal Audit look like? Must we disrupt to be future fit?
At the IIA’s annual SOPAC conference on 7 March 2016, PwC’s Asia Pacific Internal Audit leader, Andrew McPherson, facilitated a debate amongst key Internal Audit stakeholders.
Debate highlights captured through a live illustration.