Ten Imperatives for Internal Audit
CBOK report from The IIA’s Research Foundation offers direction in a rapidly changing world
VANCOUVER, B.C. (July 7, 2015) — Organizations are relying increasingly on internal audit to provide insight on operational, business, and strategic risks, especially as cybersecurity and other geopolitical challenges loom prominently.
As these risks emerge at ever-accelerating speeds, internal auditors will need to develop new skills, improve stakeholder relationships, and lean on technology to keep pace. In response, The Institute of Internal Auditors Research Foundation (IIARF) today unveils Driving Success in a Changing World: 10 Imperatives for Internal Audit.
The thought leadership, developed from data gleaned from The IIA’s Global Internal Audit Common Body of Knowledge (CBOK) practitioners’ survey, offers direction to help internal audit professionals expand their skills and add value to their organizations.
“Internal audit needs to demonstrate its willingness and ability to overcome the new challenges posed by today’s dynamic business environment,” said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA. “The tools, techniques and insights provided by the 10 Imperatives report provide a strong foundation for getting started.”
The 10 Imperatives report, released at The IIA’s annual international conference, identifies key areas where internal audit must excel in order to meet new and dynamic challenges head on, such as anticipating stakeholder needs, developing forward-looking risk management practices, enhancing audit findings through greater use of data analytics, and investing in personal professional growth.
The report’s authors, IIA Senior Vice Chairman of the Board Larry Harrington and awarding-winning business writer Arthur Piper build their insights and conclusions on data from the survey, concluding that internal auditors who invest in themselves to meet future challenges will greatly benefit themselves and their organizations.
“The emerging risk landscape presents internal auditors with unprecedented opportunities,” the report’s conclusion reads in part. “Internal auditors are ideally positioned to play a leading role in the success of their organizations with their unique understanding of business goals and strategic objectives, and their ability to see the impact of risks across the entire enterprise.”
The 10 Imperatives report is the first of more than two dozen planned over the next year based on information from the practitioners’ survey, which was conducted earlier this year in 23 languages drawing more than 14,500 responses from internal audit practitioners representing 166 countries and territories.
A companion survey of internal audit stakeholders is currently underway. The results of this combined research will provide a rich overview of how the profession is currently being practiced and help anticipated future changes.
CBOK reports and related content will be available for free through the CBOK Research Exchange, thanks to support and contributions from individuals, organizations, and IIA institutes around the world. CBOK is administered by The IIA Research Foundation and funded by the William G. Bishop III, CIA, Memorial Fund.