There is a lot of survey talk at the beginning of this article, but the gems are at the bottom. Here they are…
Leveraging control testing across multiple compliance areas. Complying in multiple ways with various mandates through one test can save time but requires careful planning and coordination across functions. The percentage of respondents using this “one-to-many” approach grew to 54% from 49% the previous year. But there is room for more use of this tactic—92% of respondents said it’s possible to apply one-to-many principles to up to 50% of their control testing.
Use technology more effectively. Just 29% of respondents said their companies are using governance, risk, and compliance-specific (GRC) technology. That’s up from 23% in last year’s survey, but 36% of respondents said their organizations do not effectively leverage GRC technology. Respondents are using this technology most to manage their departments and report audit plans and results.
Use data analytics. Sixty percent of survey respondents are using data analytics to enhance the internal audit function. The top four benefits of using analytics were listed as increased efficiency; quick identification of patterns, trends, and relationships; increasing internal audit coverage; and (importantly) improving the strategic value of the internal audit function.
Upgrade staff skills. Forty percent of respondents said talent quality or capacity is a barrier to delivering maximum value for internal audit teams. Jordan said internal audit can identify areas for improvement by conducting a skills gap assessment by mapping the skills of the audit team against the audit plan. “It’s in your plan, so you’ve got to acquire that skill, whether you do it in-house or out,” Jordan said.