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Internal audit 3.0
The future is now
As organisations hurtle to an increasingly technology-driven, innovation-oriented, risky, and disruptive future, where is internal audit? Very often, despite ongoing efforts to meet stakeholders’ growing list of needs, the answer is playing catch-up.
Internal Audit 3.0
Through consultation with audit committee chairs, executives, chief audit executives, and business leaders, we have developed a blueprint that aims to clarify the expectations of internal audit and required enablers to meet these, codifying the most important elements. We call it IA 3.0, the next generation of internal audit.
These three components – Assure, Advise, and Anticipate – constitute the triad of value that internal audit stakeholders now want and need. The blueprint above addresses the concerns and requirements that business and IA leaders expect to be a part of their internal audit function.
Internal Audit 3.0
Internal Audit considerations in response to COVID-19
Following the outbreak of coronavirus (COVID-19), organisations, their environments, and their ways of working are evolving rapidly and in ways that had not been previously envisioned. This paper outlines Deloitte’s high-level views on key Internal Audit (IA) considerations given the mass scale of business disruption caused by COVID-19.
The third line of defence is uniquely placed to play a key role in response to the COVID-19 crisis, from a position of good organisational knowledge and with a highly relevant skill set. As organisations adapt to dealing with the initial impact of COVID-19, IA functions have an important role to play and continue to provide critical Assurance, help Advise management and the Board on the shifting risk and controls landscape, and help Anticipate emerging risks.
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Assure, Advise, Anticipate
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