Based on a software development framework, agile internal audit is the mindset an internal audit function adopts to focus on stakeholder needs, accelerate audit cycles, drive timely insights, reduce wasted effort, and generate less documentation. Agile prompts internal auditors and stakeholders to determine up front the value to be delivered by an audit or project and helps prioritize them based on importance, urgency, and readiness to undertake the work. Audit reporting, when done using an agile approach, doesn’t focus on solely on documenting the work but rather on providing meaningful insights and documenting just enough to support the insights.
Any organization aiming to solve for current challenges and pain points should consider an agile internal audit approach. The agile framework can drive completion of more audits in the same amount of time or less, promote closer relationships with stakeholders, and deliver more relevant, higher-impact reports with less time spent on documentation. The approach also enables internal auditors to respond quickly and effectively as strategies, priorities, technologies, competitors, regulations and risks evolve.
