The specific article on internal auditing that has been chosen is titled
‘Internal auditors examining sustainability issues’ by Michael Cohn.
The Institute of Internal Auditors (IIA) has been repositioning itself so
that high emphasis can be laid on diverse sustainability-related
elements such as social, environmental and governance reporting
aspects. While internal auditors perform their fundamental roles and
responsibilities within the organizational setting, it is essential to
focus on competency and expand learning in diverse areas such as
cyber, data analytics, Environmental, Governance and Social (ESG)
aspects, etc. (Cohn, 2022). A comprehensive internal auditing
process is crucial so that the interest of varying members and the
entire internal auditing profession can be strengthened.
In the contemporary business landscape, the internal auditing
function must be prepared for the future so that the internal audit
activity can be performed progressively. In current times, the topic
relating to sustainability has gained considerable attention. It has
been pointed out in the article that even though the ESG topic is
nothing new in the prevailing business landscape, it has gained
greater urgency lately (Cohn, 2022). Internal auditors can play an
instrumental role in making sure that companies give due importance
to Environmental, Governance and Social reporting while advancing
towards their business goals and objectives. In the evolving
organizational climate, the needs and expectations of investors have
undergone considerable change. For example, investors in current
times are in search of information relating to factors such as the
environment as well as weather-related events. The investor
community has been demonstrating momentum in current times
since investors are no longer just interested in the financial
performance of an organization. They are also interested to know
how an organization is using its raw materials, how the products are
made by a business, etc.
The auditors that operate within the internal audit function have
been focusing on innovation and transformation activities. There is
an opportunity to leverage modern technologies by internal auditors
so that the internal audit function can be carried out effectively. For
example, during Covid 19, internal audit teams have been utilizing
data extraction and advanced analytics solutions for performing
internal auditing activities.
References
Cohn, M. (2022, June 15). Internal Auditors Examining Sustainability
Issues. Accounting Today. Retrieved August 16, 2022, from
https://www.accountingtoday.com/news/internal-auditors-
examining-sustainability-issues
