Trends in Internal Audit

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.