Risks are always present. Risks are always changing.Adopting continuous risk processes supports greater audit preparedness and response.
Are your audits on a fixed cycle with no opportunity to address changing or emerging risks?
It’s never been more critical to mature your audit process and regularly examine new and existing risks throughout the audit cycle to respond more effectively.
Dynamic assessment and continuous monitoring
We live in a dynamic world. Things change, often with significant and unexpected results. These circumstances — in addition to those risks already known and monitored — inevitably impact both your organization and your plans to support it.
Do you have a process in place that effectively identifies and manages risks as they arise? Are you:
- Conducting pre-audit risk surveys?
- Are you using data analytics to support your audit planning and execution?
- Do you have tools in place to prompt you when there are changes in important data sets?
- Are you setting and monitoring risk scoring with precision throughout the audit process?
Audit with agility
Are you responsive, flexible,
and able to audit in this dynamic world to provide the organization with the assurance they need?
Agile audit techniques are being widely adopted by the internal audit profession to accelerate risk mitigation.
Audit with agility for continuous feedback:
- Focus on high-impact risks first
- Take an increment-based approach
- Share with and get input from stakeholders throughout the audit process to lead to better outcomes