Stakeholder expectations for Internal Audit

COURSE OVERVIEW

This short course provides insight to:

1. Balanced scorecard for internal audit
2. Developing meaningful performance indicators
3. Reporting and demonstrating accountability
4. Strategic risks and essential skills

Includes illustrative examples

The number of stakeholders that view internal audit as “contributing significant value” dropped from 54 percent in 2016 to only 44 percent in 2017, reaching its lowest level in five years. Despite this drop, the good news is that nearly half of all stakeholders want internal audit to take on a more integral role; this can be achieved through the function’s ability to help stakeholders better manage unplanned or unanticipated events, also known as market disruptions.

Organizations are facing rising complexity of risks and new disruptive sources, impacting them at increasing speed. Stakeholders expect internal audit functions to help them navigate this changing landscape or face a shrinking perception of the value internal audit provides. In a world of constant disruption, internal audit leaders need to think differently to accomplish more dramatic transformation and demonstrate their vitality. Particularly, they must be well-equipped to mitigate risk in several disruptive areas including regulatory changes, cybersecurity and changes to customer preferences -- the disruptors most likely to impact businesses over the next three years.

To become a leading internal audit function likely means changing what internal audit is doing and where it’s focusing, such as using more frequent proactive risk evaluations in advance of disruptions.