On the CAE Agenda Q3-2023
The latest trends affecting the role of internal audit
The role and focus of internal audit (IA) are ever-evolving. This installment of the KPMG On the CAE Agenda series provides quick insights into what IA leaders have been hearing during the third quarter of 2023, as well as the topics they believe will continue to drive conversation with their stakeholders across the core elements of their CAE agendas as we move into Q4.
Hot topics in internal audit and key focus areas
- Cybersecurity (e.g., SEC ruling/disclosure, ransomware incident response, phishing, data theft)
- Auditing digital platforms and complex artificial intelligence (AI) models
- IT resiliency (ability of an organization to maintain acceptable service levels when there is a disruption of critical operations, IT ecosystem)
- Risks and opportunities from impact of generative AI (i.e., operations, products)
- Increased insider threat exposure due to changes in workforce
- Upskilling versus outsourcing subject matter professional talent
- Business transformation support (e.g., ERP or EPM implementation, digitization)
- Emerging regulation assessment and awareness (e.g., DSA/DMA in EU)
- ESG strategy and reporting (e.g., data governance)
- Climate change impact on the business
- Economic and geopolitical uncertainties
- Auditing in an inflationary environment (e.g., cost recovery audits and risk prioritizations)
- Financial crimes (e.g., anti-money laundering, OFAC, anti-bribery and corruption)
Dive into our thinking:
Q3 spotlight on:
Stakeholder engagement and trust
- Better integration with other assurance functions (e.g., compliance, ERM, quality, ICFR)
- Collaboration with stakeholders throughout the audit process (e.g., ERM efforts, audit plan, risk assessment, field reporting)
- Improving the IA brand to become a trusted adviser versus a compliance shop, and increasing involvement with the executive team
Strategy and value management
- The role of IA in emerging topics such as ESG, AI, cyber threats, disruptive events, new technology/evolving delivery model (e.g., AI/machine learning, DevOps, infrastructure as code)
- Consideration around the balance between assurance and consulting projects to better work with the business
- Consideration of IA’s long-term strategy and purpose to align with the organization’s overall mission
Digital acceleration
- Challenging IA’s operational model (e.g., centers of excellence, data and analytics, transformation)
- Adoption/use of AI technologies in IA
- IA's role in the company's data quality and governance journey
Dive into our thinking:
On the CAE Agenda Q3-2023
A pulse on what Chief Audit Executives (CAEs) are focused on, with a lens on top risks being considered.
Download PDFExplore more
Insight
On the Chief Audit Executive's agenda
A pulse on what Chief Audit Executives (CAEs) are focused on, with a lens on top risks being considered.
Insight
The future of Internal Audit
Manage disruption while building stakeholder trust
Insight
Internal audit's rise of intelligent automation
Achieve intelligent automation goals and manage associated risks
Meet our team
