IIA Standards Roadmap: 6 Practical Tips to Elevate Your Audit Function

With the January deadline for conformance with the new IIA Standards quickly approaching, is your team prepared?

If your answer is “Sort of…” fear not! AuditBoard interviewed 20+ internal audit leaders and hosted a number of roundtables with internal auditors across various industries and team sizes to better understand their perspectives on the new Standards. From these discussions, we gleaned several important takeaways about how teams are approaching conformance:

• The new Standards reflect a transition from hindsight to foresight. Internal auditors are no longer solely responsible for providing context on the organisation’s past and current state, but are also expected to act as a strategic key player, offering a roadmap and vision for the organisation’s future.
• Many audit teams intend to achieve basic conformance with the updated Standards; however, some expressed their only reason to conform is due to audit committee or senior management expectations.
• Rather than viewing conformance as a challenge, leading audit functions are viewing the new Standards as an opportunity to fuel their broader audit transformation goals.
• The most forward-thinking audit shops are leveraging the Standards to campaign for more audit resources (e.g., more headcount and technology) such as data analytics, audit management technology, and governance, risk management, and control process mapping applications.

In this guide, we aim to shine a light on six areas of the updated Standards where internal audit teams are focusing to up-level their work product and reputation. In addition, we explore ways that technology can boost efficiency in preparing for conformance with the new Standards.

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