The Disruptive Auditor: For internal audit to grow and deliver greater value, it needs to
embrace disruptive technologies as part of its own work
This article talks about how technology plays an important role in internal auditing and if
internal auditing does not catch up they will be left behind. Over half (56%) of audit leaders
surveyed by Gartner say making the leap to more advanced analytics applications such as
continuous monitoring, automation, and AI is a key challenge for 2022. Similarly, 53% are
concerned that IT audit practices are not keeping pace with the need to audit new
technologies and IT risks. In fact, over one-third of audit leaders say they have low confidence
in their IT audit practices and their ability to provide cybersecurity assurance. the possibility
that some internal audit departments may be falling behind poses significant risks. Sandwith
says there is a real danger that organizations may be generating management data internal
auditors can't use or verify. "New technologies produce a lot of data very quickly. But it is hard
to interpret and interrogate it unless it is in a format you understand and you know where it
has come from and how it was gathered," she says. "As a result, there is a strong possibility
that management is asking internal audit to provide assurance on data it can't verify, as well as
use technologies it lacks the skills to use."
Internal audit refers to the department located within a business that monitors the efficacy of
its processes and controls. The internal audit function is especially necessary in larger
organizations with high levels of process complexity, where it is easier for process failures and
control breaches to occur. Internal auditors are company employees, while external auditors
work for an outside audit firm. An external audit is an examination that is conducted by an
independent accountant. This type of audit is most commonly intended to result in a
certification of the financial statements of an entity. This certification is required by certain
investors and lenders, and for all publicly-held businesses.
The difference between internal and external audits — AccountingTools
The Disruptive Auditor: For internal audit to grow...: Full Text Finder Results (snhu.edu)
