As we turn the corner to 2022, with the end of the pandemic still unknown, internal audit departments must continue to adapt and be agile in their responses to organizational risk, change and uncertainty. Internal audit has proven to operate both effectively and efficiently in a remote environment, and internal audit departments have brought additional value to their organizations, supporting operational initiatives as risk advisors and driving governance in emerging risks.
The talent shortage, retention hardship, and the skills gap continue to challenge internal audit to match their current capabilities with the priorities of their organization.
Data analytics tools are being used to expedite and support stages of the audit process, and it’s perceived this will continue to evolve if the skills gap can be overcome.
Change is constant. The digital era will drive audit committees to expect internal audit leaders to increase their impact on strategic company initiatives.