How CAEs Can Build Internal Audit Agility
- June 29, 2021
- Quantivate
In the current business landscape, organizations need to manage risk from an integrated, organizational-wide lens. At the same time, chief audit executives are expected to be more collaborative and efficient in how they manage resources and deliver projects within internal audit (IA). So how do CAEs meet this challenge?
Internal Audit’s Role in Governance
The internal audit function has an opportunity to demonstrate efficient and effective leadership by building agility and real-time awareness of organizational processes and governance. This includes providing assurance to executives and senior management on the efficiency and effectiveness of the organization’s governance and risk management procedures.
IA is positioned to provide feedback on these procedures and advice on implementing improvements. This pivotal duty is the bedrock of any effective governance program.
Components of an Agile Internal Audit Program
You can’t manage risk in silos and expect to keep pace with changing business and risk landscapes. Organizations need an agile and effective GRC framework that integrates internal audit, compliance, and risk management processes and data across the enterprise. Collaboration between different departments and functions supports the agility needed to identify and manage emerging risks.
A flexible internal audit program can meet stakeholders’ changing demands, quickly analyze available and committed resource capacity, and provide a clear record and audit trail of changes. To build an agile approach to audit, organizations need:
- A system or platform that allows stakeholders and internal auditors to monitor execution in real-time
- An automated system and processes that promotes better communication and collaboration
- Audit processes that provide complete awareness and real-time visibility throughout the organization
To successfully manage internal audit in today’s dynamic business environment, organizations need an integrated, agile, and collaborative IA program and framework that can keep pace with change enterprise wide.