7 INTERNAL AUDIT RISKS
STRATEGIC RISKS THREATENING THE FUTURE OF INTERNAL AUDITING
Over the past decade, I have often discussed the strategic risks facing the internal audit profession. That includes several warnings I offered back in 2014: •
•
Richard Chambers
CIA, CFE, CGFM, QIAL, CRMA, CGAP Founder and Chief Executive of Richard F. Chambers and Associates, LLC
I
n 2022, I posed this question on LinkedIn: What are the most critical strategic risks facing the profession in the decade ahead? Although it was an impromptu poll with only four options, I was amazed that more than 1,000 people responded.
38
•
•
•
The credibility of the profession would be diminished by too many “where were the internal auditor” moments. Key stakeholder perceptions of the profession would decline as we rely too heavily on assurance to the exclusion of insight and foresight. Noncompliance with standards would negatively impact the quality of our work. Blurring lines of defense would afford management the opportunity to rely on other monitoring and oversight functions in lieu of internal audit. The profession would struggle to recruit and retain talent to address technology risks.
Advancing Auditing &Accountability
www.saiga.co.za
