As organizations transform, at ever increasing speeds, new risks continue to emerge. Technological advances in artificial intelligence, cloud security, data privacy and cyber security; increasing use of automation tools like process mining and robotic process automation, and growing compliance, regulatory and fraud risks have increased the boundaries of Internal Audit and expanded the roles of technology auditors.
Fresh, hybrid working models have progressed at pace during the pandemic and are here to stay. These new ways of working, however, introduce more complex IT risks, especially for cyber security and operational resilience, which can severely impact operations, revenue and brands.
The IT Internal Audit function must keep abreast of these changes and continue to work with the board and senior management as a trusted partner, to assure them that they are effectively controlling all known and emerging risks.
This global report highlights the findings from a survey of 300 participants comprising of Chief Audit Executives, Audit Directors, Vice Presidents and Senior Managers representing audit teams from a wide range of industry sectors across 35 countries and territories. Questions covered the pressing issues facing technology audit teams today, such as auditor skillsets, scope and frequency of audits, emerging technology risks, adoption of new technology to enhance audits, and the evolving role of the Internal Audit function as a strategic advisor at board level.
The responses suggest that, with technology risks increasingly featuring in boardroom conversations, Internal Audit has a great opportunity to step up and play a bigger part in addressing and mitigating these risks. Auditors should continually upskill to audit these newer challenges, while expanding the use of diverse delivery models to address resourcing needs. Budgets are rising, but so are expectations, and audit leaders are looking to transform their teams through increased automation and data analytics tools for greater efficiency and coverage.
Additionally, agile and shorter audit cycles are bringing greater flexibility in scoping and executing audits.
I would like to thank all those who gave their valuable time to participate in this global survey and I am confident that the results and insights can contribute to the ongoing global dialogue to make IT Internal Audit even more impactful.
Global Leader for IT Internal Audit,
KPMG International, and Partner,
KPMG in India