Increasing visibility and value of technology internal audit

As we progress into 2023, technology internal auditors should consider opportunities to raise their profile and boost their value to the company. Technology internal audit’s role is likely to be more challenging this year than in the past. Most businesses are anticipating strong economic headwinds and are already investigating—if not actually implementing—cost-saving measures, like hiring freezes or even reductions in force. Also, as expectations from regulators, boards, and investors continue to increase, the need to develop and maintain effective, data-driven compliance metrics is more vital than ever.

To improve the company's exposure and to be effective, the technology internal audit function should focus on:

• Developing and maintaining confidence and trust inside the company
• Comprehending the overall organizational structure, objectives, and difficulties in order to more accurately analyze the changing risk environment.
• Including cutting-edge, more effective technology-based audit techniques. Utilizing automation, artificial intelligence, and data analytics are examples of this.

Three ways to improve IA visibility and increase value

Technology IA team members must not only have outstanding accounting and auditing skills but also possess broad skill sets that may not have been as important in the past. IA members will need to be able to think critically, solve problems, and be adaptable if they want to raise their visibility and worth to the company.

1. Hone and broaden your skill set
   • Take on a far larger role than just providing high-quality audits and financial reporting if it wants to establish itself as a major player in the industry.
2.  Deliver real-time assurance for large-scale, high cost investments
   • Strive to provide real-time evaluations of risks related to operations, services, and products.
3. Take advantage of new technology
   • Adopt evolving and innovative technologies to assist with risk assessment and audit execution, including deploying automation, RPA, advanced data & analytics, and AI.