A new series of reports takes a close look at the internal audit profession in a post-COVID world, where many employees continue to work remotely, many organizations are still limiting travel, and new technologies have been developed to improve remote internal auditing.
The reports, published in three parts by the Institute of Internal Auditors, is part of the IIA’s Global Knowledge Brief series. It considers new developments in internal audit in three specific areas, talent management, supply chains, and resiliency.
“After more than 30 months, the COVID–19 pandemic lingers in varying intensity around the world, and it continues to test organizations and governments on myriad levels. Its impacts add unwanted complexity to vexing risks, from managing climate change and supply–chain disruptions to cybersecurity and a looming global recession. Yet its greatest impact may be on how citizens of the world view work,” the report’s authors write.
Talent Management
The first of the three post-pandemic Global Knowledge Briefs examines the pandemic’s longer–term impact on risk, and looks specifically at talent management in a post–COVID environment. What emerges is a picture of employers struggling to define a new equilibrium that embraces work–life flexibility to attract and retain top talent while maintaining productivity, resilience, and innovation in a rapidly changing world. This will invariably impact internal auditors, both in maintaining effective internal audit functions and delivering high–quality assurance and advisory services over this changing risk area.
Supply Chains
Part two of the “Internal Audit in a Post-COVID World” series looks at the impact of the pandemic on supply chains and what that means for internal audit. While the global supply chain has yet to recover fully from the pandemic, the internal audit community now has enough available hindsight to analyze what went right in the responses to the global supply chain crisis, what went wrong, and what actions organizations can take to help address any vulnerabilities the pandemic exposed.
Resiliency
The final report in the series, titled “Redefining the Resilient Organization” was issued earlier this month and considers the effect COVID-19 has had on organizations’ and internal audit’s ability to adapt to rapidly changing environments. This Global Knowledge Brief offers a careful review of lessons learned that may help internal auditors prepare for the next major disruption. Looking closely at three broad areas of consideration, in particular, yields practical insight:
- What are the attributes of a resilient organization?
- How can internal auditors help lead their organizations toward greater resilience?
- How can internal audit increase the resilience of the audit function itself?
With the benefit of actionable steps distilled from each of these areas, auditors can better equip themselves to help address potential challenges. Understanding how to enhance resilience is essential as organizations confront large-scale disruptions that seem to occur at an increasing cadence.
The three reports are now available to all and can be downloaded on the IIA’s Global Knowledge Brief section. 