Take these five steps to prepare for key shifts for the audit function:

  1. Dynamic risk coverage: Audit will need to focus on covering a dynamic risk universe, including strategic and emerging risks 
  2. Business risk partnership: Audit will be working much more closely with the business and provide business partners with forward-looking guidance 
  3. Built-in risk management: Businesses will become true risk owners, as opposed to outsourcing risk management 
  4. Digital auditing: The new norm will become using remote, continuous or forward-looking audits 
  5. Operational expertise-driven structure: Audit will staff a majority of the department with auditors who have previous operations or business experience