Businesses have learned over the past couple of years that the only constant is change — and if they haven’t, they’re probably falling behind. A new study by Protiviti reveals the extent to which even mission-critical functions like internal audit are ripe for innovation and transformation.
The consulting firm’s 16th annual report on the state of internal audit reveals that internal audit teams in companies across the globe are keenly focused on innovation and transformation, with about two in three teams undertaking these efforts. This year’s report, titled “Innovation and Transformation Are Driving the Future of Internal Audit,” was informed by surveys of more than 500 internal audit leaders in 20-plus countries.
Here are a few highlights of Protiviti’s findings:
- The majority of companies are undertaking transformational initiatives, but large companies are more likely to be doing so — 82 percent of those with revenue over $5 billion say they are in the middle of such projects.
- Among internal audit teams that have yet to launch transformational projects, just under half (49 percent) plan to do so in the next year or two.
- The rate of change in internal audit functions is accelerating — 70 percent of organizations say the focus on internal audit innovation and transformation has increased since 2021.
Protiviti’s survey was conducted online December 2021 through January 2022, and a majority of participants were chief audit executives or directors of auditing.
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