Trends in Internal Audit

Video insights from KPMG Internal Audit and Controls solution leaders

In this video series, solution leaders from the KPMG Internal Audit and Controls network discuss how internal audit is aligning with strategic priorities, leveraging advanced technology and AI for risk management and performance enhancement, and automating tasks to allow auditors to focus on strategic activities.

They also emphasize the potential of AI to standardize processes and integrate into the first line of control execution, fundamentally changing how controls are managed. These insights underscore the importance of evolving technology, stakeholder alignment, and diverse talent in shaping the future of internal audit, driving innovation and effectively managing emerging risks.

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Tomorrow’s Internal Audit Function: Diverse Skills and Technological Innovation

Ric explains why the future of internal audit requires a diverse, creative, and technologically savvy talent pool to effectively assess and manage emerging risks.

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Fresh Perspectives and Diversity in Internal Audit

Ric reveals how fresh perspectives from diverse backgrounds are driving innovation and evolution in the internal audit industry.

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Internal Audit: Evolving Technology, Stakeholder Alignment, and Talent Management

Ric describes how the future of internal audit is shaped by the ongoing evolution of technology, stakeholder alignment, and the need for versatile talent to address emerging risks and transform audit functions.

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Ric Kimball, US Internal Audit and Controls Offering Leader, discusses how the future of internal audit is being shaped by the ongoing evolution of technology, stakeholder alignment, and the need for a diverse, creative, and technologically savvy talent pool to address emerging risks and drive innovation.

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AI in SOX: Standardization and Control Execution

Sue discusses how AI can be a powerful accelerator for SOX, but its true benefit lies in standardizing processes and integrating it into the first line of control execution to fundamentally change how controls are managed.

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Comprehensive Risk Assessment in Internal Audit

Sue reveals the current focus on internal audit is on comprehensive risk assessment, including macro-level organizational changes, process-level complexities due to outsourcing and cloud technology, and control-level evaluations to ensure they are fit for purpose.

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Adapting Internal Audit for a Volatile Market: Balancing Assurance and Advisory Roles

Adapting Internal Audit for a Volatile Market: Balancing Assurance and Advisory Roles

Michael shares how in a volatile and uncertain market, internal audit functions must adapt by shifting towards advisory roles, leveraging technologies like AI, and balancing assurance with strategic guidance to effectively support organizational strategy.

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Navigating Interconnected Risk: Collaboration and Innovation in Risk Management

Navigating Interconnected Risk: Collaboration and Innovation in Risk Management

Michael discusses the critical role of risk management in navigating the complex, interconnected risk landscape, emphasizing the need for collaboration, a common language, and new ways of thinking to effectively manage risks and capitalize on opportunities.

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Enhancing Governance through Audit Committee Collaboration

Enhancing Governance through Audit Committee Collaboration

Michael shares how chief audit executives have a unique opportunity to drive better governance and more resilient organizations by engaging in meaningful conversations with the audit committee, sharing strategic insights, and collaborating on audit plans.

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Michael A. Smith, US Internal Audit Offering Leader, reveals how internal audit functions can evolve by shifting towards advisory roles and leveraging technologies like AI. He also explains how through collaborating with the audit committee, chief audit executives can drive better governance and build more resilient organization.

The Evolving Role of Internal Audit in Enterprise Risk Management

The Evolving Role of Internal Audit in Enterprise Risk Management

Joey discusses the growing trend of internal audit functions taking ownership of enterprise risk management.

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Integrating Risk Management: The Future of Compliance Functions

Integrating Risk Management: The Future of Compliance Functions

Joey highlights how various risk compliance functions, such as cybersecurity and third-party risk management, are being driven to integrate more effectively due to guidance from professional bodies emphasizing end-to-end risk management, thereby reducing overlap and increasing efficiency.

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Building Organizational Resiliency: Integrating Risk, Compliance, and Audit Functions

Building Organizational Resiliency: Integrating Risk, Compliance, and Audit Functions

Joey explains the concept of organizational resiliency and how internal audit, risk, and compliance functions can work together to support strategic objectives and prepare for potential disruptions.

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Leveraging Technology for Integrated Risk Management

Leveraging Technology for Integrated Risk Management

Joey emphasizes how the adoption of emerging technologies such as AI, GRC, and data visualization is driving the need for integrated risk management solutions that can effectively leverage data modernization and visualization to enhance business interaction and risk understanding.

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Joey Gyengo, US Enterprise Risk Management Solutions Leader, discusses the integration of risk compliance functions and the growing trend of internal audit functions taking ownership of enterprise risk management, driven by professional guidance and emerging technologies.

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Revolutionizing Internal Audit with Agents: Automating Tasks for Strategic Impact

Charles describes how agents are poised to revolutionize internal audit by automating data collection, interviews, and report analysis, allowing auditors to focus on strategic tasks and enhancing their role as business partners.

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AI in Internal Audit: Attracting Talent and Enhancing Efficiency

Charles reveals why AI and agents are essential for attracting top talent and enhancing the efficiency of internal audit, allowing auditors to focus on complex risks and provide more timely assurance, but the key challenge is ensuring rapid adoption and integration of these technologies.

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AI's Impact on Internal Audit: From Risk Assessment to Reporting

Charles reveals how AI is expected to significantly impact all aspects of internal audit, from risk assessment and planning to field work and reporting, enhancing efficiency and strategic insight.

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How the Internal Audit Function Can Play a Key Role in AI Adoption

Charles discusses how internal audit can play an indispensable role in helping organizations adopt AI technologies into their business functions.

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Charles King, US AI for Internal Audit Solution Leader, highlights how AI and agents are set to transform internal audit by enhancing efficiency, automating tasks, attracting top talent, and enabling auditors to focus on strategic activities and complex risks, while also playing a crucial role in the safe and effective adoption of AI across the enterprise.

Evolving Trends in Internal Audit: Technology, Cybersecurity, and Risk Management

Evolving Trends in Internal Audit: Technology, Cybersecurity, and Risk Management

Richard shares key trends in internal audit, including the adoption of emerging technologies like AI and cloud technology, increased focus on cybersecurity and privacy, and the impact of new frameworks such as zero trust architecture.

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Cybersecurity in the Age of AI: Challenges and Opportunities

Cybersecurity in the Age of AI: Challenges and Opportunities

Richard explains how the increasing use of AI, complexity of supply chains, and growing reliance on cloud services are driving the need for enhanced cybersecurity measures and incident response planning in organizations.

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Enhancing Organizational Resiliency: The Role of Internal Audit

Enhancing Organizational Resiliency: The Role of Internal Audit

Richard delves into how internal audit can play a significant role in enhancing organizational resiliency by assisting in the development of incident response plans and resiliency frameworks through advisory audits and tabletop exercises.

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The Evolving Skillset of IT Internal Auditors: Integrating Business and Technology Expertise

The Evolving Skillset of IT Internal Auditors: Integrating Business and Technology Expertise

Richard emphasizes how the internal auditor of tomorrow will need to possess a blend of business and IT skills, with a strong foundation in emerging technologies such as AI and data analysis, requiring a more rounded and integrated approach to auditing.

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Richard Knight, Principal, and US IT Internal Audit Solutions Leader, highlights key trends in internal audit, including the adoption of emerging technologies, increased focus on cybersecurity, and the need for internal auditors to develop a blend of business and IT skills to enhance organizational resiliency.

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Evolution of Internal Audit: Strategic Risk Management and Performance Enhancement

JP reveals how internal audit is evolving to take a more strategic role in managing risk and driving performance, leveraging advanced technology and data to provide insightful risk analysis and actionable recommendations.

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Internal Audit’s Alignment with the Companies Strategic Priorities

JP discusses how internal audit organizations are becoming more aligned with their company's strategic priorities and key business drivers, which enhances their impact and relevance.

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JP Font, Global Internal Audit Solution Leader, discusses how internal audit is evolving to align more closely with strategic priorities and business drivers, enhancing its impact and relevance through advanced technology and data-driven insights.

The Importance of Cultural Understanding in Internal Audit

Isaac discusses how Internal audit professionals must deeply understand both their organization's and the countries' cultures to make better judgments, identify high-risk areas, and add value to the organization.

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El Perfil Evolutivo del Auditor Moderno

The Evolving Profile of the Modern Auditor

Isaac discusses how the auditor's profile has evolved to require a broader set of skills, including technology and communication, and a deeper understanding of risk areas and the organization's conceptual framework, making today's auditor significantly different from their counterparts 20 years ago.

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La Importancia de la Evidencia respaldada por Datos en la Cuantificación de Riesgos

The Importance of Data-Backed Evidence in Risk Quantification

Isaac describes how data can provide objective evidence of measured risks and their financial impacts, which is crucial for quantifying value and aligning with organizational and business strategies.

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All videos are in Spanish and have English subtitles

Isaac Juarez, KPMG Internal Audit Partner, notes that auditors now need to use data to quantify risks, possess a broader skill set that includes technological and communication skills, and understand both organizational and cultural contexts to add value effectively. This ultimately enables them to make better judgments, identify high-risk areas, and align with business strategies.

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