The role of Internal audit can’t be under looked. The Internal audit function acts as the safety mechanism of the modern enterprise. Everyone turns to the Internal Audit function should the organization be headed for tough times like bankruptcy and declining performance. The case of Crane Bank is still fresh in our memories. Every stakeholder was asking; where were the auditors? So the internal audit function is critical in helping to close gaps, anticipate issues, and mitigate risks so that the organization can perform better and faster.
At the same time, the function is under threat due to process automation and the introduction of Artificial Intelligence (AI). Are internal auditors evolving fast enough to keep up with the changes taking place around them?
Organizations are being disrupted at an unprecedented pace: New digital technologies are rewriting business models and operations. In the pursuit of compliance, regulatory pressures are constantly on the rise. The types and complexities of organizational risks are steadily increasing.
To stay relevant in this rapidly changing business landscape, internal audit must be able to innovate and reinvent itself. You need to act as a value-added function and just beyond checks and balances. At Summit Consulting Ltd, we understand the need for agility in audit assurance and have prepared a PPT that demonstrates the future of Internal audit.
Download the insights from the PPT