Magazine article Business Credit

Risk Management and IT Audit Skills Most in Need of Improvement within Internal Audit Departments, According to Protiviti Survey

Magazine article Business Credit

Risk Management and IT Audit Skills Most in Need of Improvement within Internal Audit Departments, According to Protiviti Survey

Article excerpt

New Research Assesses Current Competencies and Needs in the Internal Audit Profession

In a recent study, internal audit practitioners cited risk management and IT auditing as the top two areas for improvement in the profession. These and other findings are detailed in Protiviti's inaugural Internal Audit Capabilities and Needs Survey report. Protiviti is a leading provider of independent internal audit and business and technology risk consulting services.

Fraud risk management (FRM), enterprise risk management (ERM) and the COSO ERM framework also stand out as key technical competencies in need of improvement, despite the relatively high competency levels reported by respondents. These results underscore the high importance of these areas for organizations as they seek to achieve greater success in an ever-changing global business climate.

"Today's internal audit professionals have more diverse and higher-level responsibilities than ever before," said Bob Hirth, managing director and head of Protiviti's global internal audit practice. "This has created the need for a proportional increase in their knowledge, skills and expertise, particularly in those areas deemed to be business-critical by management and boards of directors. The survey results provide insights not only into how these professionals rate their skills in a variety of functions, but also about the relationship between their perceived capabilities and the critical areas for improvement. This has significant implications for the future direction of internal auditing and its role in helping organizations grow and prosper."

Recognizing the growing scope and complexity of duties in the internal audit profession, Protiviti surveyed more than 450 chief audit executives (CAEs), internal audit directors, managers and other professionals to better understand the evolving functions of internal audit departments within organizations across a variety of industry sectors. Respondents rated how they perceive their present capabilities, where they see need for improvement and how they prioritize those needs within the areas of general technical knowledge, audit process knowledge and personal skills and capabilities. …

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