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