Richard Chambers, President and CEO of the Institute of Internal Auditors, shares his personal reflections and insights on the internal audit profession.
When The IIA established The Audit Executive Center (Center) in 2009, it began to monitor closely key trends in the profession and communicate them via semi-annual reports to chief audit executives. One trend that has been monitored since the beginning has been the focus of internal auditing. Early Center surveys of the profession validated that internal auditing was swiftly reorienting to address operational risks. For example, in 2010 almost 70 per cent of respondents indicated they were increasing coverage of operational risks as compared to the prior year.
So, what is the emerging risk that is capturing internal auditing’s attention in 2013? There’s plenty of evidence to indicate that compliance risks are surging from the pack of competing priorities. Following several consecutive years in which respondents to the Center’s surveys have projected dramatic increases in compliance coverage, in 2013 more internal audit resources are dedicated to compliance risks than Sarbanes-Oxley coverage, IT auditing, or assurance over the effectiveness of risk management. In fact, it is estimated that almost one-sixth of US internal audit resources will be dedicated to compliance audit coverage this year. The outlook for next year includes even more focus on compliance.
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