The pressure is mounting on Internal Audit to become innovative and this is understandable and expected. The call for innovation is not new but has certainly intensified during the COVID 19 pandemic as organizations are going through changes and transformation to adapt to the new normals. Innovation may mean different things to different people, in this post I will discuss what innovation means to internal audit.
What is innovation?
What is innovation in internal audit?
- transformation to agile internal auditing
- better leveraging of technology and greater use of data analytics, RPA, and AI
- exploring and accepting new ideas and alternative processes to improve audits
- empowering the creativity of internal auditors and encouraging brainstorming
- better utilization of available resources
- understanding how the organization is changing its business model and operations and adjusting audit plans and procedures accordingly
- more access to specialized skills internally and externally
- enhanced reporting and real-time communication
- more investment in relevant training
- risk anticipation and enhanced risk assessment
- change of internal audit mindset and culture
- striking the right balance between consulting and assurance services
How to become innovative?
- they don't discount their crazy ideas
- they get comfortable with fear
- they learn about anything and everything
- they never think they know it all
- they surround themselves with heroes