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2019 Internal Audit Planning Priorities
Australian Financial Services Industry
The disruption of Australia’s FSI is expected to continue to increase in 2019 with a correlated change in the risk profile. Internal audit will be expected to play an increasingly valuable role in providing assurance over the mitigation of these risks throughout 2019.
This paper provides insights to Australia’s FSI Chief Audit Executives on how to prepare for and respond to industry challenges across insurance, banking and wealth sectors.
Deloitte has harnessed its subject matter expertise in Australia and globally to identify the primary drivers for these changes to the risk and control environment and list pragmatic considerations for internal audit functions to consider when developing their annual internal audit plan.
High priority themes across the sectors include:
- Banking – Governance & Accountability, Model Risk Management, Responsible Lending
- Insurance – Emerging Risk Management, Codes of Practice, Claims Management
- Wealth – Data Governance & Privacy, Advice, Conduct.
Similar to our client’s internal audit planning processes, these themes have emerged from analysing the strategic forces affecting the industry, changes in risk profile, performance of controls and priorities of Board Audit Committees during 2019.
Published: February 2019
Internal Audit Planning Priorities 2019
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