Internal Audit 4.0 has been saved
Internal Audit 4.0
Purpose driven, digitally powered
An unprecedented set of challenges has led to broadened demands on Internal Audit functions. In addition, the pace and scale of innovation in the profession pointed to the need for an update of our vision. Our updated IA 4.0 framework brings three new features to the forefront. By aligning Internal Audit’s outcomes with the organization’s purpose, helping accelerate organizational change and learning, and further embracing digital, we believe Internal Audit can upgrade and maximize its impact and the value it delivers.
A lot has happened since Deloitte released Internal Audit 3.0 (IA 3.0), our market leading framework for elevating the role and expanding the remit of Internal Audit. This framework supported the concept that Internal Audit is responsible for balancing three core activities: providing assurance, advising management, and anticipating risks and opportunities. IA 3.0 has been a useful and durable framework for many internal audit functions as they’ve evolved their role and remit, and inspired innovation in their ways of working.
Looking ahead, the breadth of demands on Internal Audit, and pace and scale of innovation in the profession point to the need for an update, but not an overhaul, of our vision of the Internal Audit function of the future. Our Internal Audit 4.0 (IA 4.0) publication:
- Recaps the elements of Internal Audit 3.0
- Summarizes lessons learned as functions have adopted the framework; and
- Presents a refreshed vision of the future of the Internal Audit function, IA 4.0, which incorporates those lessons and demonstrates why Internal Audit functions should be purpose driven and digitally powered
Our updated IA 4.0 framework brings three new features to the forefront:
Internal Audit 4.0 informs our differentiated approach to providing outsource and co-source Internal Audit support. For in-house functions looking to set their future vision, elevate their impact and enhance their performance, Internal Audit 4.0 is supported by a comprehensive suite of Internal Audit Advisory services, regardless of where a function is on its journey to internal audit excellence.
This article was originally published on Deloitte.com, authored by David Tiernan, Director UK Advisory, and Owen Jackson, Director, UK Advisory.
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