Internal Audit’s Digital Transformation Imperative: Advances amid crisis

Analyzing the Impact of 2020 on Internal Audit Function’s Implementation of Technology

In November 2020, the Internal Audit Foundation, in collaboration with AuditBoard, conducted a survey to understand how internal audit leveraged technology to respond to the year’s challenging and fast-changing conditions, in addition to examining how technology was used prior to the pandemic. The survey was distributed in North America to chief audit executives (CAEs), directors, and managers working in the internal audit profession; 134 responses were received.

  • The survey was designed to gather data and provide answers to the following questions:
  • How has technology helped internal audit functions adapt to rapidly changing conditions in 2020?
  • Have internal audit functions accelerated, decelerated, or otherwise changed their current use or intended adoption of new technology in response to the conditions of 2020?
  • What is the most effective type of technology for helping internal audit functions succeed in their response to changing conditions?
  • The survey compared and contrasted internal audit’s use of five types of technology to enable collaboration, communication, and productivity:

    1) manual (spreadsheets, email, shared drives, and SharePoint)
    2) on-premise audit management software
    3) cloud-based audit management software
    4) on-premise governance, risk management, and compliance (GRC) software
    5) cloud based GRC software.