Chief Audit Executives: Long-Term Effects of COVID on Internal Audits Include Increasing Use of Technology, New Monitoring Methods
Disruptions from the COVID-19 pandemic will change the face of internal audits forever, according to a survey by AuditBoard, a cloud-based risk platform. More companies are expected to integrate technology into internal audits, while audit professionals will continue rely on video communication rather than face-to-face meetings, the survey found.
AuditBoard’s survey included more than 175 corporate chief audit executives (CAEs) across a range of industries, and the company outlined its five key findings in a report titled” 5 Ways COVID Has Changed Internal Audit Forever.”
- More than nine in 10 CAEs say technology will become even more critical to internal audits in the future.
- Eighty-three percent of CAEs said their organizations would continue methods developed for the COVID, such as drones, smartphones and video monitoring.
- Remote work will continue to expand on audit teams with 68 percent of respondents saying their workplace would embrace flexible arrangements.
“Without question, the events of the past 18 months have triggered fundamental changes in how audit, risk and compliance professionals undertake their responsibilities — from how we communicate with our teams and other stakeholders to our day-to-day processes,” said Richard Chambers, senior internal audit adviser at AuditBoard. “It’s clear the internal audit profession is evolving to be more flexible, innovative, and productive, leveraging technology to stay resilient in an environment where risk priorities can shift overnight.”
AuditBoard’s cloud-based audit platform centralizes risk management and compliance functions, and Deloitte recently ranked company as one of the 100 fastest-growing technology firms in North America. Its survey included 175-plus chief audit executives and was conducted in June 2021. To learn more, visit AuditBoard.com.