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The future of internal audit is now - Adding value - EY - Global

The future of internal audit is now

Adding value

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Become a strategic advisor, identify efficiencies across the enterprise, support key business initiatives and quantify internal audit’s return on investment.

Our global internal audit survey results confirm that the future of internal audit is now.

Nearly three-quarters of respondents believe that internal audit has a positive impact on the organization’s overall risk management efforts. But an even larger majority believes that internal audit can do more — and wants them to do it within the next two years.

Internal audit functions can turn risk into results and become more relevant to the business by:

  • Using the organization’s overarching business strategy to identify risks that matter most and set the tone for an internal audit strategy
  • Developing an internal audit-specific strategy with a long-term time horizon that focuses on stakeholder expectations, coordinates risk functions and drives internal audit initiatives
  • Employing critical enablers throughout the internal audit life cycle, such as an organizational structure that aligns to the business and fits the organization’s culture, and an appropriate talent management program that ensures internal audit has the right people with the right skills in the right positions
  • Running internal audit like a business by employing data analytics to drive enterprise efficiencies and results and by designing a value charter and scorecard that define how value to the organization is measured and whether internal audit is achieving its goals

Internal audit functions need to act now to remain relevant to the business — or be left behind.

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