Organizations worldwide are undertaking business and digital transformation initiatives, enabling changes that will have far-reaching effects on every enterprise function. Not surprisingly, the ability to utilize data analytics and big data to achieve competitive advantage and manage operations and strategic plans ranks among the top risk issues for board members and C-suite executives worldwide. Machine learning and robotic process automation are among the many emerging technologies and innovations with which internal audit functions need to keep pace or else risk being left behind.
These are some of the realities amidst which Protiviti conducted its latest Internal Audit Capabilities and Needs survey in the last quarter of 2017, with the survey results released today. Among the top findings in the report:
- Many internal audit functions are still struggling to become comfortable with using analytics on a broad basis as opposed to specific point solutions;
- Sharing information about the use of analytics with the audit committee correlates to increased engagement by the committee, including willingness to authorize further investments in analytics;
- Fraud, cybersecurity threats, third-party risk, ERM and corporate culture are top audit plan priorities; and
- A marked difference exists between the level of analytics use in Europe and APAC versus North America, for a variety of reasons.
Take a look at our infographic and video below, and the full survey report on our website. We’ll be providing analysis of the findings in future posts. Subscribe to our blog to follow the discussion.