‘The use of technology within internal audit is increasing, but are internal auditors utilising technology enough to add value to their organisation? Do internal audit teams have sufficient IT technical skills?’
The article below was published on www.cgma.org.
A constantly expanding set of technological tools presents rapidly increasing opportunities for internal auditors to provide value to their organisations.
While internal auditors have increased their use of these tools over the past nine years, many of them are not taking full advantage of the opportunities presented by technology, according to a new survey report.
Just 38% of chief audit executives (CAEs) say their organisations are using technology at an “appropriate” level or higher, according to the 2015 Global Internal Audit Common Body of Knowledge survey report from The Institute of Internal Auditors Research Foundation.
Nearly one-fourth (23%) of CAEs said their organisations rely primarily on manual systems and processes in internal audit. The report reflected the findings of a survey of more than 14,000 internal audit practitioners in 166 countries and territories.
Electronic workpapers are internal audit’s most commonly used IT tool worldwide, with 72% of respondents reporting at least moderate use. Other common technological tools for IT include:
Use of many of these tools has increased in recent years. Respondents reporting at least moderate use of software or tools for data mining are up 14 percentage points from 39% in 2006. Also up from 2006 are those reporting at least moderate use of flowchart or process-mapping software (up 9 percentage points from 43%); electronic workpapers (up 7 percentage points from 65%); and continuous real-time auditing (up 7 percentage points from 37%).
To take advantage of these tools properly and stay a step ahead, the report suggests that internal auditors consider:
The full report is available for download.