The internal audit function has to extract lessons from the last decade, expand its competence set and re focus its attention across the governance, risk and internal control areas where stakeholders require assurance the most. The internal auditors' attributes have had to change to those of having leadership skills, being a good communicator, having a strategic mindset and a being a strong networker.
The internal audit profession finds itself at a point of inflection. In the last two decades the role of internal audit has undergone significant change in the wake of rigorous regulation, new corporate governance requirements, advancements in IT and technology, and increasingly and changing customer needs and behaviours. Company boards and the assurance profession are under increased scrutiny and oversight by regulators and shareholders. Furthermore, there is a greater expectation from management, the board and the audit committee for internal audit to add more value, insight and assurance riguor to the organization.
As the corporate world evolves, the role of traditional audit is looked upon as being outdated and stagnated. Organisations are looking at ways to revitalise the internal audit function to optimise and drive business'