Future-Proofing Your Internal Audit Team

Insights from IIA Vision 2035 Report

Preparing Your Audit Team for Technological Advancements

 

As we look towards 2035, the role of internal auditors is set to transform dramatically. The “Vision 2035” report by the Internal Audit Foundation outlines a future where internal auditors are strategic advisors to provide real-time insights and guidance.

"If the profession chooses not to confront
its challenges and focuses exclusively
on its traditional responsibilities or
progresses slowly without keeping pace
with a fast-changing global landscape, the
internal audit profession will become irrelevant."

The Future of Internal Audit: Vision 2035

The internal audit profession is set to undergo significant transformation driven by technological advancements, disruptive trends, and emerging risks. By 2035, internal auditors will need to adapt to new operational changes, expand their talent pipeline, and enhance their credibility with stakeholders.

Key areas of focus include:

  • Embracing continuous learning and problem-solving
  • Developing new competencies and leveraging advanced technologies
  • Revolutionizing audit processes and adopting a proactive mindset
  • Upskilling the workforce with stronger business acumen
  • Strategically planning to expand the talent pipeline

To remain relevant, the profession must confront these challenges head-on, ensuring it continues to provide valuable assurance, advice, and insight to organizations.

⬇️Download the full report now to stay ahead of the curve and prepare for the future of internal audit!📃

Download Vision 2035 Report here 
Summarizing:

Here’s how organizations can prepare their internal audit teams for this exciting transformation.

Invest in Technology and Tools

To stay ahead, organizations must equip their audit teams with cutting-edge technologies. This includes AI, machine learning, and advanced data analytics tools. Implementing continuous monitoring systems will enable auditors to provide real-time insights, enhancing both efficiency and effectiveness.

*Source IIA Vision 2035 report:

Promote Continuous Learning and Development

The future demands a commitment to continuous learning. Encourage your auditors to pursue ongoing education and certifications in emerging areas such as cybersecurity, data analytics, and strategic advisory. Offering regular training programs and workshops will ensure their skills remain current and relevant.

Foster a Culture of Collaboration

Building strong relationships with stakeholders across the organization is crucial. Encourage cross-functional collaboration to leverage diverse perspectives and expertise. This alignment will ensure that the internal audit function is well-supported and integrated into the broader organizational strategy.

Enhance Data Analytics Capabilities

Developing robust data analytics capabilities within your audit team is essential. Advanced analytics tools can help auditors analyze large datasets, uncover patterns, and provide actionable insights. This capability will be key to informing strategic decision-making and identifying emerging risks.

Adopt a Holistic Approach to Risk Management

Integrating risk management practices with audit processes will provide a comprehensive view of the organization’s risk landscape. Focus on both current and emerging risks to ensure a proactive approach. This holistic perspective will enable auditors to offer more strategic and insightful guidance.

Encourage Innovation and Adaptability

Creating an environment that fosters innovation and adaptability is vital. Encourage your audit team to experiment with new techniques and technologies. Staying adaptable to changes in the business environment and regulatory landscape will ensure your team remains agile and responsive.

*Source IIA Vision 2035 report:

INNOVATION

⬇️Download the IIA VISION 2035 Report

Download Full Report here -->