Internal Audit Hot Topics - Rethinking the Internal Audit Agenda
31 May 2023
The role of Internal Audit continues to be recognised as a fundamental part of enabling and embedding good governance. As the risk landscape changes, becomes more complex and integrated, with increasing regulation, many organisations are looking to Internal Audit to provide 'assurance' and advice as 'risk and control' experts.
This role has evolved over the past five years, increasingly to one in an advisory capacity –both protecting and creating value in the business. As a profession, 2023 will see the publication of the IIA’s proposed new International Professional Practices Framework (IPPF) for consultation. Based on its research so far, the Standards Board is proposing a new framework simplified into two major categories, Standards and Guidance which continues to focus on global applicability and flexibility, and also considers new content to enhance the consistency, quality, and relevance of the Standards to the evolving risk landscape, especially with regard to specific audit practices, topics, and sectors. This coupled with the requirements of ISA 315 being in effect, placing further scrutiny on risk and control processes, means that Internal Audit will need to make sure that it understands and robustly assesses the risk landscape.
The world is constantly changing and evolving and so an ever-increasing array of challenges will always be heading our way. So how do internal auditors help their organisations ‘realise’ their potential?
This document sets out some of the key challenges on the horizon that Internal Audit should be considering when thinking about the wider assurance footprint relevant for their organisations. We’ve focused in on four of the megatrends this year, which continue to dominate the global landscape. After a year of continued upheaval, challenge and complexity, these interconnected trends impact all organisations toa varying degree and drive an increased need to focus on the associated risk and opportunity, and subsequently the right role for assurance.
For further information and details of the support our team is able to provide, please download our publication below.