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22 May 2024

Internal Audit 5x5 series: Insights and Actions

Unlocking the value of internal audit

5x5 Insights and Actions is a series of releases that aims to enhance the effectiveness and value of the Internal Audit function within an organisation. This initiative provides key insights and actionable steps for internal audit professionals to strengthen their role in delivering impactful assurance and advisory services.

The 5 insights highlight critical areas of focus and emerging trends for internal audit, such as evolving risk landscapes, technological advancements, regulatory changes, and stakeholder expectations. These insights help internal audit professionals stay abreast of current developments and understand the evolving demands placed on their function.

The 5 actions provide practical steps to operationalise the insights and drive meaningful change within the Internal Audit function. These actions may include aligning audit plans with organisational objectives, adopting advanced analytics and automation tools, enhancing collaboration with other assurance functions, expanding skill sets to address emerging risks, and leveraging data-driven insights to deliver proactive value-added recommendations.

By embracing these insights and actions, the Internal Audit function can proactively adapt to changing business environments, deliver relevant and timely assurance, and contribute to the overall success of the organisation. This approach empowers internal audit professionals to become trusted advisors, capable of identifying risks, providing valuable insights, and driving continuous improvement across the organisation.

 

Explore the series:

Internal audit plays a crucial role in ensuring the effectiveness and efficiency of cybersecurity measures within an organisation. As the threat landscape continues to evolve and cyberattacks become increasingly sophisticated, the need for robust cybersecurity practices has become paramount. Internal Audit, as an independent and objective function, provides a valuable perspective in assessing and enhancing an organisation's cybersecurity framework.

Download the placemat: 5x5 Insights and Actions | IA’s role in cybersecurity (PDF)

In the context of mergers and acquisitions (M&A), internal audit plays a crucial role in providing independent and objective assurance to stakeholders involved in the transaction. The Internal Audit function helps evaluate the financial, operational, and compliance aspects of the target company or business unit being acquired, providing valuable insights to support the decision-making process. This may include due diligence reviews, assessing risks and control environments, and identifying potential financial, operational, or compliance issues that may impact the success of the transaction.

Download the placemat: 5x5 Insights and Actions | IA’s role in mergers and acquisitions (PDF)

In the context of business transformations, internal audit plays a critical role in providing independent assurance and advisory services to support the successful execution of change initiatives. Business transformations involve significant changes to an organisation's structure, processes, systems, or culture, with the goal of improving performance, increasing efficiency, or adapting to new market conditions. This may include assessing the effectiveness of governance structures, risk management processes, and internal controls throughout the transformation journey.

Download the placemat: 5x5 Insights and Actions | IA’s role in business transformations (PDF)

In a rapidly changing business landscape, internal auditors play a crucial role in evaluating and ensuring the effectiveness of an organisation's risk management, control, and governance processes. Assurance by design offers internal audit professionals a proactive and value-driven approach to fulfilling their responsibilities. Traditionally, internal audit has focused on providing assurance by conducting periodic reviews and assessments of established controls and processes. However, this reactive approach may not always keep pace with emerging risks and evolving business dynamics. Assurance by design introduces a paradigm shift, embedding assurance principles directly into the design and implementation of systems, controls, and processes.

Download the placemat: 5x5 Insights and Actions | Assurance by design (PDF)

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Ian Coppini

Risk Advisory Business Leader

Rafael Moreira

Senior Manager

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