The latest data on the state of internal audit suggests the profession has heard the news that it is facing new expectations to take a higher-level view of risk and control, but it is still retooling to live up to them.
According to a Thomson Reuters study, internal auditors say they are beginning to shift their attention and resources toward strategic risks but are still heavily bogged down in the basic financial controls and assurance over financial reporting. “This looked globally at the internal audit function, and it confirmed on a global spectrum what we tend to see in the United States,” says Warren Stippich, national partner on governance, risk, and compliance for Grant Thornton. “Internal audit departments are generally moving in the same direction, but at different speeds.”
