A new survey finds that many internal audit functions are not leveraging the latest technology to supercharge their internal audit activities. According to the report, from the Institute of Internal Auditors’ Internal Audit Foundation and Refinitiv, more than 50 percent of internal audit functions are not taking advantage of the benefits that evolving technologies offer in support of management activities.
The report, based on 2020 survey findings from chief audit executives, directors, and managers from across North America, focuses on the next evolution of governance, risk, and control (GRC) technology as it supports internal audit collaboration and risk management.
One such technology is GRC, which was the first software to support audit management in 1995. Today, organizations are focusing on GRC technologies that facilitate flexible systems and data that enable teams to access more data and embed more cognitive capabilities into the GRC ecosystem to drive decision-making and automate processes.
Using Evolving Technologies to Improve Collaboration: How GRC Software Can Support Risk Management and Internal Audit brings GRC technologies back to the forefront by exploring practical applications of GRC from a value perspective across The IIA’s Three Lines Model, sharing case studies, and explaining how an integrated architecture benefits the organization. It also explores the importance of zero-code and low-code applications, and demonstrates ways assurance functions can harness future value. 