The unprecedented disruption and pressures placed on organizations looking to survive and thrive in an ever-changing environment are staggering.
The ongoing need for operational transformation, exacerbated by the events of the last two years, presents significant complexity to the business of internal audit. As organizations strive to pivot with greater speed, agility and flexibility to changing market conditions, customer expectations and workforce needs, the internal audit function must also evolve to protect and enhance them.
How can internal auditors build stakeholder trust and deliver value?
Internal audit is being tasked to work more efficiently, helping to create more value in less time. Rising to this demand requires new thinking, new skills and new capabilities. These are essential in building trust within the organization, enabling stakeholders to see the value in the internal audit function.
Six areas that Internal Audit should address
KPMG has identified six pillars as critical to help transform internal audit to transform, manage disruption and succeed in today’s environment. Addressing these areas with a future-forward methodology can help deliver value through digital innovation, growth and success.
Stakeholder engagement and trust
Internal audit knows its top stakeholders and takes the time to foster a relationship of trust attuned to their needs.
Strategy and value management
Internal audit strategy considers a mix of enhanced assurance, risk insights and business improvements attuned to stakeholder needs. Strategically important and future-focused emerging risks are prioritized.
Leverage technology with organizational goals in mind and use it to enable program and project-level work.
Data, analytics, and insights
Enterprise data is available and used, and new data is curated by internal audit. This data is used to provide risk insights and enhanced assurance through broader audit coverage.
New ways of working
Where services are delivered, the competencies that enable that delivery and the way audit teams want to work should be revisited to help retain the right talent.
Operating model agility
Audit activities are responsive to disruption, flex with the business strategy throughout the year and consider coordination with other lines of defense.
Disruption can lead to opportunities. Following the agenda of successful organizations and leveraging the lessons KPMG firms have learned transforming audit functions across industries, you can take a step in the right direction on your transformation journey.
Contact us today to learn more about how KPMG professionals can help.