When internal audit is outpaced by other parts of the organization in embracing technology, the valuable assurance and advisory services it can provide may also be lagging.
Knowledge is power, and in a modern business context that means leveraging technology for effective use of data in planning, strategizing, and decision making. Unfortunately,organizations may not be benefiting from all the advantages that advanced technologies can offer to support their goals. When internal audit is outpaced by other parts of the organization in embracing technology, the valuable assurance and advisory services it can provide may also be lagging.
The December issue of Tone at the Top explores Internal audit’s use of technology and data to improve assurance and advisory services that should be an integral part of the organization’s data strategy. Boards should be mindful of their internal audit function’s relationship with technology and encourage internal audit leaders to embrace data analytics, robotic process automation, and artificial intelligence. Boards must step up in support of internal audit’s technology journey by ensuring sufficient resources to acquire needed technology and to upskill internal audit teams to make the best use of it.
