5 Predictions for Internal Audit’s Evolution
When the COVID-19 pandemic disrupted audit plans, cancelled projects and put holds on new hires, Chief Audit Executives found themselves asking, “What does internal audit mean in the future?” and “How should we be evolving the internal audit function to better meet the needs of the business and our employees?” Based on recent market trends, we made five predictions on the future of audit activities, then presented to an audience of internal auditors to determine whether these predictions will hold true. Following each prediction is a series of advised actions the internal audit function can take to evolve and become a more strategic leader in the business.
Evolving the internal audit function will become critical over time as we see business strategies shift from the COVID-19 pandemic. More Chief Audit Executives will search for better risk management initiatives and efficient technologies to conduct strategic internal audit plans and activities.