Internal audit 3.0 has been saved
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 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.
Internal Audit 3.0
Until recently, the internal audit profession had not faced the need to innovate, let alone reinvent itself. Now, as we approach the end of a decade of uncertainty, organisations face evolving strategic, reputational, operational, financial, regulatory, and cyber risks. The world is entering the fourth industrial revolution where new technologies, digitalisation, robotics, and artificial intelligence are dramatically changing the business landscape.
Through consultation with audit committee chairs, executives, chief audit executives, and business leaders, we have developed a blueprint which aims to clarify the expectations of internal audit and required enablers to meet these, codifying the most important elements. We call it internal audit 3.0, the next generation of internal audit.