Blog: 5 Future Developments That Could Elevate Internal Audit’s Stature

In his blog, Richard Chambers, CIA, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here’s an excerpt from his latest blog:

I have written extensively about the work internal auditors must do to fulfill their own potential and that of the profession in enhancing and protecting the value of the organizations they serve. As the risk landscape changes and the speed of risk increases, internal auditors must expand their skills, update their processes, and embrace a mindset of being flexible, agile, and open to responding quickly to disruptive threats and to​ new and emerging risks.

Of course, internal audit cannot do this on its own. It is, after all, one part of a complex governance process that relies on others, including risk managers, senior management, and the board. Successful governance relies on all components being as effective and efficient as possible. Effective governance requires mutual respect, understanding, and appreciation of the role each component plays.

I am often asked about the future of internal audit, and what I see as keys to its continued ascendency as a vital component in an organization’s risk management and control structure. For too long, internal auditors around the world have been hamstrung by organizational constraints, including independence, access, and resource limitations. It’s time to state clearly and unapologetically what those are, how they hamper internal audit’s effectiveness, and what can be done to remove those impediments.