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Internal-audit innovation is key to boosting business value

The annual PwC report says 75 per cent of internal audit functions using advanced technology contribute significant value to organisations

As the pace of innovation continues to accelerate, internal auditors face the growing challenge of helping their organisations ensure effective processes and controls while still helping to drive growth for their businesses. 
The new study from PwC – “Moving at the speed of innovation: The foundational tools and talents of technology-enabled Internal Audit” – reveals that more advanced audit functions are creating departments with a cohesive technology and talent strategy.
Following a survey of more than 2,500 board members, senior executives and audit professionals in 92 countries, PwC says 75 per cent of audit teams who have a strong technology- and talent-enabled strategy in place are contributing significant value to their organisations, compared to only 34 per cent of teams that lack the technology and skill sets.
The most successful audit organisations are not only prepared to help mitigate the risk of advanced technologies but are also using the same tools to execute their work in a more effective manner.
“Internal audit functions and professionals in Thailand as a whole need to stay abreast with these disruptive technologies, which require a fundamental shift in audit methodology and talent model,” said Pongsak Achakulwisut, Risk Assurance Leader/Partner for PwC Thailand. 
“They also need to consider making investments to enhance capacity in data analytics and monitoring tools, in addition to implementing strong controls and getting the right talent. 
“This would ultimately enable internal audit functions to be more agile and add greater value to help Thai businesses mitigate emerging risks and align strategies more effectively.”

Published : April 25, 2018

By : The Nation