Internal Audit 4.0: Megatrends reshaping the IA framework has been saved
Perspectives
Internal Audit 4.0: Megatrends reshaping the IA framework
Purpose-driven and digitally powered IA function of the future
By aligning internal audit (IA) outcomes with the organization’s purpose, helping accelerate organizational change and learning, and further embracing digital, the IA function can upgrade and maximize its impact and the value it delivers—all of which has been considered and expanded upon within our IA 4.0 framework.
A leap forward: The future-ready framework for internal audit
Much has happened since Deloitte released Internal Audit 3.0 (IA 3.0) in 2018, our market-leading framework for elevating the role and expanding the remit of IA. This framework brought to life the three core services that internal audit delivers: providing assurance, advising management and the board, and anticipating risks and opportunities. IA 3.0 remained a practical and durable framework for many IA functions as they’ve evolved, modernized, and inspired innovation in their ways of working and partnering across the enterprise. But the breadth of demands on internal audit and the pace and scale of innovation in the profession dictated that we update our vision of the internal audit function of the future. Our refreshed vision of the future of the internal audit function—IA 4.0—demonstrates why IA functions should be purpose-driven and digitally powered.
Internal Audit 4.0 and today’s megatrends
What’s new
Our updated IA 4.0 framework brings new features to the forefront:
Future of Work: Ways of working in uncertain times
Purpose
By aligning internal audit’s role and remit with the organization’s purpose, a new orientation for many functions, internal audit can design its role, remit, and ways of working in a more intentional way to support a specific outcome and contribution to the organization, attract top talent, create stronger stakeholder engagement, and make smarter choices.
Accelerate
Organizations that have thrived in uncertain times were the ones that could learn to adapt and act quickly. And it’s here where we think internal audit can stretch its remit further—by helping to accelerate organizational learning and management action.
Digital
Many functions have embraced data analytics, but few view “digital” broadly enough or leverage capabilities to support the entire audit life cycle. Applying digital requires a mindset to consider the art of the possible while taking a highly systematic approach to using technology.
Mindset
Anticipating risks and opportunities and responding rapidly requires agile and digital capabilities—and the right mindset. Without that mindset, those capabilities will be unused or underused. The right mindset is one of continuous learning—experimenting and iterating at a faster pace, with ongoing communication and embedded agile methods. This mindset enables the function to pursue incremental improvements that generate lasting and relevant change.
Internal audit megatrends
Integral to our IA 4.0 framework are several megatrends driving the future of internal audit across strategy, people, process, technology, and data. From assuring and advising on Trust equity to strengthening stakeholder relationships to adopting new technologies and capabilities to develop efficiencies and resiliency, the culture of continuous improvement and innovation is upon us. Read on to explore our insights on what organizations want and need from internal audit—the "megatrends" as we see them—and learn how you can enhance your role and the value you deliver today.
Stay tuned for additional insights on IA megatrends.
Get in touch
Sarah Fedele
Principal | Deloitte Risk & Financial Advisory
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