Sunday, April 5, 2020

How will Internal Audit look like after COVID-19?

There have been many articles and posts dealing with the Internal Audit's role during the COVID-19 crisis. These were useful, but now we need to plan for what happens next. The economic, social and financial implications of the crises are expected to be severe at least for the short term.

Eventually, this crisis will pass and most businesses will resume operations and will have to adapt to the new realities to survive. Changes to operations and mindset will need to be made at all levels including at Internal Audit Departments.

As most of you are at home during this difficult time and are probably bored, let's try to think about how the internal audit function at your organization will look like after the crises! For example:


  • Did the crisis change you as a person and how this will reflect on you as an internal auditor?
  • What lessons have you learned during the crises and what are you going to do about it?
  • What type of changes will you make to strengthen internal audit?
  • Do you anticipate an increase or decrease in the number of auditors within your department?
  • Do you anticipate management to change its perspective of internal audit (positive or negative)?
  • What would you do to be prepared for the next crisis?


I look forward to hearing your thoughts and feedback!


2 comments:

  1. Deep questions and as you say, it's time to start thinking them through while we have the time to do it. I believe most businesses that survive will be facing a massive changes in the market for their products and services, clients, supply change, staff, balance sheet and government regulations. Internal auditors and every other corporate service provider will need to rethink their role hand-in-hand with management. The single most important thing you can be doing right now is to keep engaged with management in re-imagining the particular circusmstance of your business post -COVID so that you can be part of the thinking and craft your new role as part of the management team.

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