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Internal Audit of the Future

Internal Audit of the Future

Internal Audit of the Future

When was the last time you had your IA function independently evaluated?

Internal audit of the future 2018 has concluded collection of data

Thank you IA professionals for your support and participation.

We have gathering insights across Pakistan to better understand how the IA function is evolving and how IA professionals are adding value to their organizations and their fraternity especially in a rapidly changing environment with opportunities and challenges such as:

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The survey focused on the following key topics specific to IA:

  • Internal positioning of IA function and its governance
  • Strategy, planning & risk assessment
  • Internal & External stakeholder management
  • Team capabilities, management and structure
  • Value addition to the organization

Will you receive a survey report?

As a survey participant, you are entitled to a complimentary copy of the general aggregate survey results which are expected to be released by end of October 2018

What about the global trends? We have already looked into it!

In conjuction to this , globally KPMG International and Forbes surveyed more than 400 Chief Financial Officers (CFO) and Audit Committee chairmen on a host of issues regarding the performance, focus, value and future of Internal Audit (IA) functions at their organizations globally.

The findings called attention to a "value gap" between what Audit Committee Chairs and CFOs identify as priorities and what they are receiving from their IA functions. KPMG surveyed over 100 Internal Audit professionals to get their perspectives on the roles and responsibilities of Internal Audit and how they see the role of IA evolving.

Below are a few highlights that were gathered around the world:

Taking a new approach to risk

How should IA evolve?

In fact, the number one way that companies believe IA should evolve is in diversification, followed closely by aneed for growth in sophistication and complexity to match audit targets. As a result of these desired developments, a rising proportion of companies are moving toward using sourcing to address high riskareas, such as cybersecurity, compliance, etc..

The survey identifies a wide range of additional ways IA can add greater value to the organization it serves. Some of the most frequently-cited include becoming more diversified in terms of skills within the team (61%) and in the range of activities (61%). Well over half (55%) say they want IA to do more to improve its knowledge and expertise to the point where it can match the sophistication of its audit targets.

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Heeding the call

Is Internal Audit best described as a “Strategic” or “Support” function for your organization?

The key finding gleaned from the survey is that CFOs and Audit Committee chairmen (executive stakeholders) envisage a more strategic role for Internal Auditors than the auditors see for themselves, and it is up to Internal Auditors to take the initiative and broaden their responsibilities. 

When respondents were asked whether Internal Audit (IA) is a strategic or a support function, more of both groups say it is strategic, but 99 percent of executive stakeholders say so, compared with only 60 percent of auditors. Normally one would expect Internal Auditors in larger numbers to say their role is strategic, but their responses show that a strategic role is more aspirational than actual.

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Making value real

What steps are you taking to ensure audit quality?

78% of the survey participants say they are focused on elevating the status of Internal Audit within their companies. It’s also interesting to note that more of them will be moving toward employing a third party or outsourcing to a third party to do so.

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