Despite global uncertainty, internal audit leaders believe their teams are well-positioned to weather the challenges presented by COVID-19 and help their organizations embrace digital transformation, according to a new report from Protiviti. Organizations whose internal audit functions had already implemented new technologies, tools, and methodologies before the onset of the pandemic and remote work arrangements expressed more confidence in their team’s potential for innovation.
“Internal audit functions on the transformation path to next-generation auditing before the upheaval of the pandemic will be those who thrive in the long-term and help their companies’ leaders to navigate risk and provide deeper insights in a post-COVID-19 world,” said Brian Christensen, a Protiviti executive vice president and leader of the firm’s global internal audit and financial advisory practice. “The organizations in our 2020 report have been able to use the current, unexpected disruption to demonstrate operational resiliency for whatever challenges the future may bring.”
The latest edition of the Internal Auditing Around the World series surveyed companies from a variety of countries and industries on how internal audit teams are responding to the evolving business landscape and transforming themselves into “agile, multi-skilled, and technology-enabled organizations.” The report includes case studies on technology implementations in internal audit functions at companies including Lloyds Banking Group, Microsoft, Olympus, Salesforce, and Starbucks, among others. Italian beverage company Campari Group, for example, dedicates 20 percent of its auditors to analytics work and earned a Center of Excellence designation for its data management. TopBuild’s internal audit team uses analytics to support fraud investigation, mitigation, and recovery activities.
The report’s authors point out that each organization profiled has a chief audit executive who is committed to driving change as a long-term strategy, and not as a singular task to be completed. By embracing technology early, these organizations were more resilient and agile in approaching and navigating the challenges of the pandemic than peers with less digital maturity. 
Elizabeth Mullen is an editorial consultant for Internal Audit 360°.