The evolving role of Internal Audit in Ireland
Internal Audit functions need to act now to remain relevant to the business – or be left behind
We examined the Irish experience and evolution of Internal Audit compared with global trends.
To do this, EY conducted an Irish survey to see where Internal Audit is moving, how it is structured, what is expected of it, and how investment in the function is standing up to recessionary pressures in comparison with global trends.
Our report Staying relevant, The evolving role of Internal Audit in Ireland (12.8Mb, December 2013) provides a clear overview of the steps to consider when improving the Internal Audit function. It highlights how change hinges on four key priorities:
- Align Internal Audit with the strategic goals of the organisation
- Drive efficiency through integration, talent management and use of data analytics
- Maintain a balance between assurance and advisory reviews
- Run Internal Audit like a business.
Over three quarters of Irish participants see a need to improve their Internal Audit function, a figure comparable to the global finding.
The difference lies in the sense of urgency, 57% of Irish participants believe improvements to the Internal Audit function should take place over the next twelve months – more than twice the comparable global figure of 28%. This finding shows Irish organisations are aware of the need to improve the value their Internal Audit functions deliver today, and are acting on it.