Where do you see your internal audit advisory services function going into the next five years? Growth or shrink in dedicated resources, use of AI and digitization, new stakeholders and clients?
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Data and Analytics in Energy and Utilitiesa month ago
I would say AI and digital, as well as increased collaboration between lines of defense, to ensure a more fit for risk approach (avoid over-controlling). Continuous Audit and Continuous Controls Monitoring are also areas that have been gaining traction as technology and data analytics evolve.
The technology will help with acquiring and analyzing larger samples, making them more statistically valid. Identification of anomalies and of material variances will help to direct investigations. One would hope that this level of automation would enable internal audit to handle more cases per auditor.
The role of internal audit may shift. I have seen internal audit as a "gotcha organization" and as a contributor to continuous improvement efforts.