Traditionally, IA function has mostly focused on topics related to compliance and internal control systems wherein the Key role of the Internal Auditors has been of providing core assurance over business process risk & controls. Providing insights & adding value on the key risks of an organization has generally not been a key priority of IA. But with the advancement of the world towards the fourth industrial revolution era with new technologies, digitalization & artificial intelligence catalyzed by the recent unprecedented crisis challenges like the global pandemic, the global business landscape is changing dramatically. This in turn is compelling the organizations to adapt to & drive into an increasingly technology-driven, innovation-oriented, complex & highly uncertain business environment model.
The evolution of a new generation Internal Audit Function to adopt a new generation internal audit mindset is being emphasized, encouraged & advocated among the Internal Audit Communities since the last couple of years which has now become ‘need of the hour’ for the Internal Auditors so as to confidently embrace the wave of transformation & innovation underway in the organizations & the overall market.
