Audit faces increasing pressures

Audit faces increasing pressures: opportunities to anticipate and address challenges to increase trust and stability.

Extract from Protiviti – Joel Kramer, MIS Training Institute:

New regulations, technologies and risks are upon us. The business environment is continuously changing, but changes these days may be happening faster than ever before. Internal audit’s responsibilities have been growing just as fast, and they are expected to keep growing as new challenges emerge.

With this in mind, we asked participants in two separate panel discussions I moderated at a MIS SuperStrategies conference what they think will be the greatest challenges internal audit leaders will face over the next three to five years. We also asked how such challenges could be effectively addressed. The participants were internal audit executives from the Metropolitan Transit Authority of New York, U.S. House of Representatives, Vanguard Group, Protiviti Inc., Clear Channel Communications, Metropolitan Atlanta Rapid Transit Authority, Talbots Inc., Georgia-Pacific LLC, and Coca-Cola Co.

Participants stressed that they have noticed the rate of change in the profession is so rapid that some risks (and their impacts) have substantially changed in the recent past. They also noted, almost universally, that chief audit executives (CAEs) are being asked to do more audits and address more risks without commensurate increases in resources.

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