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 2018 Global State of the Internal Audit Profession Study, now in its 14th year, paints a very clear picture.
Of the New Zealand Chief Audit Executives (CAE’s) and their stakeholders who we surveyed, 41% believe Internal Audit is contributing significant value, but this is not enough:
71% expect IA to go beyond just executing the audit plan.
33% of IA functions focus on technology enablement as part of their strategic plan.
Only 31% are monitoring emerging technologies.
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.