What does it mean for an internal audit function to be relevant? What can internal audit leaders do to increase the relevance of their teams?
These were questions we sought to answer through our interviews with the chief audit executives (CAEs) featured in Volume XIX of Protiviti’s Internal Auditing Around the World®. Going into the process, we understood that we would hear many different takes on the definition of relevance in an internal audit context. We also recognized that no function takes the same exact path on the road to relevance and beyond. Yet, some common themes emerged from these discussions. We learned that a strong embrace of new and emerging technologies and related skill sets is vital to advancing the relevance journey for many internal audit functions.
Leading internal audit organizations are expanding their digital capabilities and bringing advanced tools like GRC, automation, core and advanced analytics, process mining, and artificial intelligence into their everyday work to help streamline audits; increase team productivity; and equip business owners and management with more relevant, timely and data-driven insights. And functions that have yet to explore and enable continuous auditing and risk monitoring typically plan to do so sooner than later.
To deliver relevant, actionable recommendations to the business, internal audit functions need teams of people with diverse backgrounds, perspectives and expertise. Any organization benefits from having access to diversity of thought, as it helps fuel creativity, drive innovation and enhance team productivity. Many internal audit executives featured in this publication told us that they’re striving to create more diverse and inclusive functions overall to help their teams become more effective and relevant.
The organizations profiled in the latest edition represent a cross section of countries and industries, including Bayer AG, Carlyle, ETN Turistar, Ferrovie dello Stato Italiane, GSK, HEMA BV, Hilton, Majid Al Futtaim Retail, Packaging Corporation of America (PCA), PNC, Tata Consumer Products, Vanderbilt University Medical Center (VUMC), Wesco, Westpac Group and Zebra Technologies.
The new edition of Internal Auditing Around the World addresses how internal audit functions are increasing the relevance of their teams. Fifteen organizations were interviewed and their experiences dealing with this transformation are presented as case studies in the book.