Embracing the Next Generation of Internal Auditing

It’s time for internal audit leaders and professionals to stand up and ride their own wave of transformation and innovation. But the results of the latest Next-Generation Internal Audit survey from Protiviti show that much progress still needs to be made in growing competency levels and next-generation auditing methodologies, in advancing innovation and transformation initiatives, and in communicating with audit committees.

This podcast features our conversation with Brian Christensen, Executive Vice President, Global Internal Audit for Protiviti. For several years, Brian and Protiviti have advocated for internal audit functions to adopt a next-generation internal audit mindset and embrace the wave of transformation and innovation underway in their organisations and the overall market. Little did we know that a global pandemic of historic proportions would alter the very foundations of business operations, practices and processes, as well as bring to light new views and ways for internal audit to perform its critical assurance and advisory work.

So much has changed in society and for businesses large and small during this transformative period. Efforts by organisations worldwide pivoting to remote workforces and transitioning operations on the fly have been well documented. Internal audit certainly has not been immune to the effects on their organisations, with audit plans shifting dramatically and assurance and compliance activities requiring multiple changes and adjustments to meet objectives and deadlines in this new status quo.

The pandemic has raised questions among CAEs and internal audit leaders about how they can best support management and their organisations in navigating the many changes underway. The foundation of next-generation internal auditing lies in principles such as agility, real-time risk and controls monitoring, dynamic risk assessment, and the effective leveraging of data and advanced technologies. The advantages a next-generation internal audit mindset and approach deliver have become further magnified during this global crisis.