With increasing demands for broader, more accurate and more efficient risk assurance, internal audit departments have officially entered the age of analytics. According to Protiviti’s 2017 Internal Audit Capabilities and Needs Survey, two thirds of internal audit functions have begun using data analytics on at least a limited basis. Internal audit functions that lead by embracing analytics and continuous monitoring will grow in value and stature with their stakeholders, regulators and peers. Those that fail to adapt will struggle to keep up with the rate of change and the state of risk at their organizations.
This article outlines some action items for internal audit derived from the survey.