Optimising Internal Audit

As business success is normally achieved through the efforts of multiple individuals, business leaders cannot afford to take a nonchalant or laissez-faire approach to teams.

As stakeholder demands on internal audit to assure, advise on, and anticipate risk continues to grow and evolve, functions need to find new ways to maintain relevance, speed, and impact in fast-changing environments. Individuals cannot meet these demands alone. Internal Audit functions need to leverage the power of teams to reach the speed, value, and resiliency of other organisations.

Through a reimagined approach to how functions organise teams and develop the skillset, mindset, and tools to support them, next generation resourcing can be achieved. Teams of polymath leaders, supported by coaches and SMEs, will elevate internal audit up the value chain for its stakeholders once again.

Our key findings

Achieving the attributes of effective teams requires Chief Audit Executives to recruit, develop, and promote the right skillsets and mindsets for teaming. Leadership also needs to create and maintain the right conditions for teams to thrive. Among several success factors, the following are key:

Structure:

• Team size and stability

Composition:

• Recruit, identify, and develop polymaths
• Create “purple teams”
• Evolve the role of SMEs

Environment:

• Psychological safety
  
• Intent-based leadership

Mindset:

• Change the mindset on development
• Accelerating team development through coaching

Conclusion

Throughout this point of view, we consider these areas and the steps that internal audit functions and their leaders can take to better develop teams of the future.

Are you truly creating impact through teams? Should you be thinking about “internal audit teams of the future”?