Take these 5 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 closer 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 with previous operations or business experience