Risk-Based Auditing

Introduction In today’s fast-paced business environment, internal audit programs play a vital role in ensuring the effectiveness of risk management, control, and governance processes. However, traditional internal audit approaches often fall short in providing real-time insights and addressing emerging risks. According to a survey by the Institute of Internal Auditors (IIA), 71% of internal audit functions face challenges in keeping pace with changing business risks. It’s time to think outside the box and explore alternative solutions that can revitalize internal audit programs. In this blog post, we’ll delve into innovative approaches that can help internal audit teams stay ahead of the curve. ...

The Importance of Auditing and Assurance in Today’s Business World In today’s rapidly changing business environment, auditing and assurance play a crucial role in maintaining stakeholder trust and confidence. With increased regulatory requirements and growing complexity of financial transactions, the demand for skilled auditors and assurance professionals has never been higher. According to a recent survey, the global auditing services market is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2028, reaching a market size of $134.6 billion by 2028. ...

The Evolution of Internal Audit: Why Alternative Solutions are Necessary The world of internal audit is undergoing a significant transformation. As organizations navigate the complexities of globalization, technological advancements, and ever-evolving regulatory landscapes, traditional internal audit approaches are no longer sufficient. In fact, a recent survey by the Institute of Internal Auditors (IIA) found that 71% of internal audit professionals believe that their function needs to evolve to stay relevant. ...