Security News > 2024 > August > Where internal audit teams are spending most of their time

Over half of key stakeholders including audit committees, company boards, and chief financial officers are looking to internal audit teams to take on more risk-related work, according to AuditBoard.

The study revealed that these expanding expectations are coming at a time when internal audit has limited bandwidth for advisory-related services - and increasing risk demand and insufficient risk management capacity are creating a risk coverage gap for the business.

The report looks at where internal audit teams are currently spending the majority of their time, and where adjustments could be made to help shift focus to value-added, risk-related activities.

Internal audit's remit is expanding as organizations increasingly look to leverage the function's risk and controls expertise to help respond to today's highly volatile risk landscape.

"Organizations can better manage risk by adopting a connected risk strategy - a modern, cross-functional approach to managing risk across the enterprise," said Tom O'Reilly, Field Chief Audit Executive and Connected Risk Advisor at AuditBoard.

"Taking the lead on connected risk is a natural evolution of internal audit's role given their wide range of governance, risk, and compliance expertise coupled with their deep cross-functional relationships," O'Reilly concluded.

News URL

https://www.helpnetsecurity.com/2024/08/09/internal-audit-teams-expectations/