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Internal auditor leaders must redefine the function's value proposition and adopt a risk-centric mindset if they aspire to be key players in assurance and risk management in their organisation, according to two new reports we have just released. "Internal Audit 2012" and "Internal Audit 2012 - Asia Pacific Supplement" identify major trends that will likely shape the world of internal audit over the next five years. The studies, which were based on interview and survey data from Chief Audit Executives of fifty selected large companies in Asia Pacific and from US Fortune 250 companies, found that the controls-focused approach that has dominated internal auditing is expected to diminish in relevance over the coming years.
The central finding of the studies is that over the next five years, internal audit leaders must re-define the function's value proposition. Based on the studies, PwC has determined that a "risk-centric" internal audit model would provide assurance on the effectiveness of risk management in addition to controls assurance. This additional level of assurance would help internal audit align itself more closely with the organisation's maturing risk management capabilities.
The two reports highlight the trends that will have the greatest impact on the internal audit profession in the coming years. The two reports also highlight the similarities and differences between the internal audit functions in Asia Pacific and the US.
Time is short; either move quickly to embrace a risk-centric approach to assurance or risk losing further ground to global competitors.
Get Your Copy Here
Read more by downloading our Internal Audit 2012 (pdf file, 794KB) and Internal Audit 2012 - Asia Pacific Supplement (pdf file, 129KB) for your reference. |
