Future of Control | Smart Internal Audit: Agile IA
Published date: April 19, 2022
An important focus area in our vision for Future of Control is enhancing the ways of working for the Internal Audit function. One area that is gaining traction in some of the leading Global Internal Audit functions is Agile Internal Audit.
What is Agile Internal Audit
Agile Internal Audit is the application of the agile mindset and ways of working in the context of internal audit to create better, faster, happier, and more resilient functions.
More than four years ago, Deloitte recognized the potential of Agile in transforming and upgrading the internal audit profession. Since that time, we have been a leader in applying Agile IA, helping functions embrace Agile as a means of enhancing quality, speed, responsiveness, and adaptability.
As positive outcomes continue to accumulate, the potential for even greater gains becomes apparent.
Why use Agile Internal Audit
Internal Audit functions often use Agile IA to overcome the following challenges:
- Need to improve audit quality: Internal Audit functions seeking to keep up with a rapidly changing business
- Need to report to the business faster: Internal Audit functions struggling to report on a timely basis
- Need to demonstrate value to stakeholders: Internal Audit functions seen as not driving value or insight
Benefits of Agile Internal Audit
We have found that the benefits experienced by Internal Audit functions who have adopted Agile Internal Audit include:
- Improved auditee engagement and stakeholder relationships
- Improved team engagement, morale and performance
- Faster to provide insight and value to stakeholders
- Increased productivity and reduced waste
- Improved quality/faster identification of quality issues
To bring the adoption of Agile Internal Audit to life, below is a case study from a client we have supported:
How to get started, accelerate progress and sustain momentum
Through supporting a range of clients we know how to make Agile Internal Audit a sustainable success and set out five key learnings below:
We strongly believe that Agile should be on the radar of every Chief Audit Executive. Agile, has the potential to revitalize, energize, and elevate Internal Audit in a manner that is, in our experience, unprecedented.
A focus on your work environment will yield the greatest rewards. Agile is a way of working; a mindset shift that empowers teams; that gives control to create leaders. Spend more time on people and culture and your Internal Audit group will emerge better, faster, and happier. We look forward to supporting you on your journey.