Touchstone Insights for Internal Audit highlighted three key findings for internal auditors. First, internal audit teams need to revamp their methodologies to be more adaptive and responsive. From their risk assessment and audit planning processes through engagement execution and reporting, it’s critical to integrate analytics into every part of their workflows for a more data-driven approach. Second, as teams become more comfortable with this move to adaptive work practices, they should reduce their emphasis on compliance activities and rebalance audit plans to become more IT-focused. The third finding is that internal auditors need to think broader and provide better coverage in areas that include third-party risk. We will focus on third-party risk in this report.
In the Touchstone Insights for Internal Audit survey, 18 audit areas were evaluated for a match between Internal Audit focus on the audit plan and importance to the organization.