The internal audit profession has changed dramatically over the past few years. In recognition of that fact, we recently completed a study to identify the trends likely to shape the profession by the year 2012.
Participants told us that over the next five years, the value of the controls-focused approach that has dominated internal audit is likely to diminish. As this occurs, internal audit leaders must redefine their function and adopt a "risk-centric" mindset if they expect to remain key players in managing risk and providing assurance to senior management and the board of directors.
Study results indicate that five key trends - globalisation, changes in risk management, advances in technology, talent and organisational issues, and changing internal audit roles - will have the greatest impact on internal audit in the coming years. By understanding these trends and their implications, internal auditors can maximise opportunities for the future.
The full analysis and details of these trends, supported by survey results, can be found in our recently published study: Internal Audit 2012* as well as the Asia Pacific supplement.
*connectedthinking
