With the ever-emerging organizational risks, boards are constantly on the lookout for ways to mitigate threats. These include areas like ESG, cyber resilience, human capital management, and even the personal liability of directors.
Diligent, a world leading GRC platform, recently delved into how companies can embrace technology to improve their auditing capabilities.
The audit committee, armed with an understanding of intricate issues, steps up to address these challenges. This entails offering robust financial and compliance support. With this evolving role, there’s an inherent need for the internal audit team and the Chief Audit Executive (CAE) to adapt. To meet the audit committee’s requirements, they must present clear, instantaneous insights for confident evaluations.
No longer is the internal audit just about compliance, Diligent said. Modern boards seek strategic insights from internal audit leaders – insights that delve deep into risks, potential revenue, and overall company performance. Many CAEs are more than willing to rise to the occasion. However, this strategic shift introduces three primary challenges:
So, how can technology aid these agile internal audit teams? Most internal audit leaders are turning to technology to efficiently meet these rising demands. A KPMG study affirmed that tech remains a top investment area for internal audit. Here’s how next-gen audit technology can be a game-changer:
As internal audit gains prominence and adopts a more strategic role in guiding the board, the expectations soar. The solution doesn’t solely lie in technology. Internal audit leaders must introspect and build robust relationships with stakeholders for efficient cross-functional workflows. However, modern audit technologies undeniably provide the enhanced reporting and streamlined processes required for internal audit teams to fulfil rising expectations and strengthen their strategic position.
By proactively embracing these technologies, internal audit leaders can present the invaluable insights that audit committees seek, thereby building trust and confidence among board members and stakeholders.
On a related note, Diligent’s forthcoming Modern Governance Summit (MGS) promises enlightening sessions on tech-enabled audit for the contemporary enterprise. The breakout session titled “Audit Committee & Leadership Reporting” is particularly noteworthy, featuring veteran audit leaders discussing evolving expectations and how they utilise Diligent HighBond to meet these challenges.
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