5.3 Internal Audit Teams of the Future: What does this look Like & how will innovation, agility, and technology be required?
Workplaces and work processes are shifting rapidly for audit teams. What shape are they taking and how can IA ensure the function is efficient and effective? Leadership and innovation have become a critical survival technique for IA of the future. Before COVID, IA generally operated with one of three models 1. In-sourced, 2. Co-Sourced, or 3. Out-Sourced. Since 2020, we have seen these models adopt an in-person and virtual version of each, they are also innovating with the use of technology to complete remote auditing. This brings in new challenges in terms of how IA teams are recruited and trained. It must also factor in the minimum level of experience required to be effective when working remotely.
IA needs very skilled, experienced and agile leaders to know how to continuously assess risk in this changing world, but also how to recruit, develop, and manage productive audit teams that can get the job done remotely. This might include using a guest auditor for a remote plant audit where a local employee (guest auditor) carries out the required testing while wearing a camera on their helmet and being given instruction real time by the audit team and required experts. These experts may be internal employees, contractors, or experts from a co-source partner.
No matter what the configuration and team look like, the critical requirement is high quality risk assessment, planning and preparation up front. This session will speak to trends in innovation and the use of technology to deliver value to the client. This will also include cloud based GRC systems and the use of data analytics.