Chief audit executives are developing their 2013 audit strategy, and the plans are shaping up to look drastically different than they did in 2012, or at least they should, say audit advisers.
With budgets and hiring increasing for many internal audit shops, CAEs are generally expecting to have more resources at their disposal in 2013, says Richard Chambers, president and CEO of the Institute of Internal Auditors. Recent survey results suggest several companies are easing constraints on internal audit department budgets for the first time since 2009, he says. They’ll need the extra cash and manpower to address a host of pressing audit issues as risks continue to emerge and economic volatility persists.
