Many audit committees, boards and management teams now expect internal audit to advise management on key issues, anticipate risks, and be more forward looking. “As new businesses are created and old ones spun off, processes evolve, technologies are adopted, and regulatory demands fluctuate, the internal audit function must develop new approaches,” says Sandy Pundmann, U.S. managing partner, Deloitte Risk and Financial Advisory’s Internal Audit practice, Deloitte & Touche.
The innovation that this shift would require may not come naturally to auditors, who tend to lean toward order, hierarchy, standards, and precedent. The Ten Types of Innovation framework created by Doblin, a unit of Monitor Deloitte within Deloitte Consulting, however, can provide internal audit functions with a practical model to enhance the rigor and improve the results of their innovation efforts.
