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New Report Outlines 10 Imperatives for Upgrading Internal Audit Functions

Posted July 20, 2015

Internal audit plays an increasingly important role in helping businesses succeed in an environment where technological innovation and global interconnectedness present rapidly evolving risks, challenges and opportunities.

As these operational and strategic risks emerge at ever-accelerating speeds, internal auditors will need to develop new skills, improve stakeholder relationships, and depend on technology to keep pace, according to a report released earlier this month by the Institute of Internal Auditors Research Foundation (IIARF) titled Driving Success in a Changing World: 10 Imperatives for Internal Audit.

Developed from data gleaned from the IIA’s Global Internal Audit Common Body of Knowledge (CBOK) practitioners’ survey, the report offers direction to help internal audit professionals expand their skills and add value to their organizations.

“Internal audit needs to demonstrate its willingness and ability to overcome the new challenges posed by today’s dynamic business environment,” Richard Chambers, president and IIA chief executive said in a news release. “The tools, techniques and insights provided by the 10 Imperatives report provide a strong foundation for getting started.”

The report identifies key areas where internal audit must excel in order to meet new and dynamic challenges head on, such as anticipating stakeholder needs, developing forward-looking risk management practices, enhancing audit findings through greater use of data analytics, and investing in personal professional growth.

“The emerging risk landscape presents internal auditors with unprecedented opportunities,” the report’s conclusion reads in part. “Internal auditors are ideally positioned to play a leading role in the success of their organizations with their unique understanding of business goals and strategic objectives, and their ability to see the impact of risks across the entire enterprise.”

Click here to download the report.