Security News > 2021 > April > Cloud technology adoption gap between internal audit and other enterprise functions to narrow

Internal audit's ongoing digital transformation will rapidly accelerate in 2021, with 22% of respondents reporting that they will implement cloud-based technology this year, resulting in a majority of internal audit teams using a cloud-based audit management or GRC software solution for the first time, an AuditBoard survey reveals.

"Many internal audit teams that have not yet shifted to a cloud approach are now set to reap the benefits of modernization - including gaining greater bandwidth for strategic, value-add activities - and will be better positioned to protect their organizations from new and emerging risks," said John Reese, AuditBoard's CMO. "They'll also get to equal footing with other functions within their organization who have already made the move to cloud-based solutions."

"While automation of administrative functions offers clear and immediate benefits, internal audit is discovering the technology's potential to drive departmental and business value," said IIA COO William J. Michalisin, CIA. "This survey shows a positive step forward, with 22% of respondents saying they plan to implement cloud-based technology this year. As this report suggests, technology doesn't merely complement the internal audit function, it's crucial to more effective practices, allowing us to focus where it matters most and to elevate our value to stakeholders."

"As the world emerges from the pandemic, internal audit leaders are turning to contemporary audit and risk management solutions to stay on top of the dynamic risk environment, improve organizational responsiveness, and enable close coordination across their distributed workforces."

Cloud-based technology use by internal audit teams continues to grow for two major reasons, according to the survey: the need to modernize and a requirement for fewer manual processes.

Thirty-one percent of internal audit functions that are already using audit management or GRC software increased their use of such software in 2020, most notably to collaborate remotely with internal and external stakeholders and avoid wasting time and resources on manual and administrative tasks.

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