The latest Global Knowledge Brief from The Institute of Internal Auditors and co-produced along with Workiva, “Embracing the Future: How technology helps audit teams stay ahead of the curve,” outlines how internal audit can benefit from pandemic-accelerated digital transformation.
The report considers how internal audit can embrace the spirit of innovation and how agile methodology can improve the entire engagement process. The report also presents two case studies that detail how technology obstacles became opportunities for internal auditors during the prolonged pandemic.
Key findings:
- In a post-COVID world, internal audit must embrace the spirit of innovation and technology adoption accelerated by the pandemic.
- The work-from-home environment accelerated tech transformation because companies could evaluate their various processes to determine how they could be improved.
- The pandemic highlighted the need for tools that internal auditors may not have realized they needed, such as cloud-based and online collaboration tools.
- When it comes to technology adoption, internal audit should focus on areas that bring the most value to the organization. It also should look for opportunities to cross-pollinate, where internal audit learns from other parts of the organization and is able to share its own learnings.
- Case studies of a non-profit finance cooperative and a minerals production company provide real-world examples of how technology adoption improved internal audit’s value to the organization.
The report is available for download here. 