The Institute of Internal Auditors’ (The IIA) 2015 CBOK Report —“Staying a Step Ahead: Internal Audit’s Use of Technology”— found that only 4 in 10 chief audit executives (CAEs) say their use of technology is at an appropriate level. Given such a low percentage, it’s no wonder that exploring how to better deploy and utilize technology has become a major strategic consideration for many CAEs.
To enhance the technological capabilities of their departments, internal audit leaders are increasingly turning to Technology Champions (TCs) — individuals assigned major responsibility for audit systems and tools as a key part of an internal audit group’s overall technology strategy. In recent years, the potential contributions and perceived value of TCs have become frequent topics of discussion at audit conferences and presentations.
As TeamMate representatives can attest, auditors from around the world are raising questions about the nature, focus and benefits of the TC role. Initially, a designated technology leader within internal audit might focus on a single product, solution set or initiative. Over time, however, a TC’s role and responsibilities will often expand to include all technology support for functional audit activities.
In this report, which we developed with Richard J. “Dick” Anderson of DePaul University and J. Christopher Svare of Partners in Communication, we:
- Highlight the results of TeamMate’s 2015 Global Technology Survey, which focused on the role, responsibilities and impact of Technology Champions
- Describe value-creating approaches being employed by leading Technology Champions around the world, including development of a custom dashboard reporting real-time on internal audit Key Performance Indicators
- Provide tools to facilitate development of the TC concept, including composite job descriptions for both Technical and Strategic Technology Champions
- Discuss how TCs are bridging the gap between information technology and audit
- Outline 10 Key Success Factors for Technology Champion
The insights and suggestions presented in this report, which reflect input from our Global Technology Survey and from follow-up interviews with more than 20 organizations with Technology Champions, provide useful information to audit leaders either thinking about establishing a TC position or seeking to enhance their existing TC activities.