Under the leadership of The Institute of Internal Auditors (The IIA), our profession continues to evolve. Increasingly, internal auditors are relied upon by management, directors, legislators, regulators, investors, media and the public to provide guidance and expertise in many areas. As a result, the responsibilities of internal audit functions have increased substantially in scope and complexity, creating the need for an increase in knowledge, skills and expertise of internal audit professionals.
This survey was conducted by Protiviti from June 20, 2006 to July 31, 2006. The survey was designed to determine how internal audit professionals perceive their present capabilities, where they currently see a need for improvement, and how they prioritize those needs. Respondents answered questions in three subject areas: General Technical Knowledge, Audit Process Knowledge, and Personal Skills and Capabilities. Demographic information asked in the survey helped to establish whether there were distinct patterns of capabilities and needs among different sizes of businesses or among individuals with different levels of seniority within the internal audit profession. This demographic information brought forth information particularly regarding knowledge at the Chief Audit Executive (CAE) level.
Among the key findings of Protiviti’s survey:
- Fraud Risk Management (FRM), Enterprise Risk Management (ERM), and COSO ERM stand out as the areas of General Technical Knowledge in greatest need of improvement.
- Auditing IT – Program Development, Security, Change Control, Continuity and Computer Operations – is the top concern related to Audit Process Knowledge for internal audit professionals.
- Developing Other Board Committee Relationships is the area of Personal Skills and Capabilities with the lowest average competency and in greatest need of improvement.
- Survey participants desire additional training, seminars, course work, and pragmatic discussions with colleagues to improve their capabilities.
The respondents of the survey represent all sectors of industry: finance, insurance, real estate, manufacturing, services, transportation, communications, utilities and other industries. Combined with individuals having the title of internal audit manager or above, 70 percent of those participating in the survey held managerial positions.
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