The odyssey of internal audit: The path to 2030

While internal audit functions' influence has undeniably grown, they now face the risk of encountering a “glass ceiling.” To break through and fully unleash the function's potential, Chief Audit Executives must enhance their communication of internal audit’s value, embrace cutting-edge digital tools, and invest strategically in their people and innovation. Our 2024 Global CAE Survey unveils a pivotal moment for IA leaders worldwide.

As IA enters a new era marked by the advent of Generative Artificial Intelligence (GenAI), CAEs have a unique opportunity to transcend traditional digitalization and reimagine the function’s purpose, remit, and operating model. To achieve this, CAEs must challenge the status quo, foster diversity within their teams, and cultivate a new generation of audit professionals poised to pioneer innovative approaches.

Preparing for 2030 and beyond

As we look toward the future, the horizon is steeped in possibilities and exciting new opportunities for IA functions. By 2030, technological advancements and an evolving business landscape will likely transform the function into a markedly different entity. Predictions include the use of digital twins to simulate changes within the risk and control landscape, enabling better governance and risk management. A new breed of AI-savvy auditors will emerge, equipped with specialized skills in machine learning, systems architecture, coding languages, and model design.

We predict a future where IA functions recruit or procure access to software developers, user experience experts, and talent from creative backgrounds to help bring fresh ideas and challenge the status quo. The IA function will also need to focus on the human element, incorporating psychological safety into its methodologies and reporting.

To become a true peer of the executive, IA must do more to prove its worth and value and elevate its brand. For those that achieve this, we expect to see another step change in the gravitas of the CAE, with a permanent seat at the table and equality among the C-suite.

Are you ready to redefine the future of internal audit?