| A Look Ahead: What Does the Future Hold for Internal Audit?
The internal audit profession has a long history of successfully adapting to changing stakeholder and regulatory demands, as well as shifts in technology, labour, and business operations. In the coming decade, the internal audit profession will undergo a major transformation driven by accelerating technological advancements, significant disruptive trends, and emerging risks. This transformation will be characterised by changes in how organisations operate, the need to expand the profession’s talent pipeline, and an increase in the profession’s capacity and credibility in the eyes of stakeholders to audit new and emerging risks and serve the public interest.
The Vision 2035 research, conducted by The IIA’s Internal Audit Foundation, uncovered challenges on the way to the profession’s future. Some of the challenges identified are not new; many have been discussed for years but remain unresolved. The level of change in recent years has already transformed the business and risk environment, intensifying the attention and urgency required to address obstacles. However, these challenges are also opportunities for growth and progress.
To be future-ready, the profession must identify and embrace its strengths and determine what new capabilities it will need going forward. Internal auditors must remain well-equipped to address new developments in an increasingly unpredictable world. The profession and its stakeholders must work together to map out the future course.
Download your free copy of the report, courtesy of AuditBoard, to understand the findings of their research, the obstacles and opportunities ahead for internal audit, and get action steps that internal auditors and stakeholders can take to bring this best possible vision of the future to life. |
