The Future of Internal Audit: How CIAs Can Adapt to the Changing Business Ecosystem

A staggering 97% of internal auditors believe that technology will significantly expand the amount of complexity and volume of data available for analysis. With the gradual evolution in the role of Certified Internal Auditors (CIAs), the pressure to adapt to these changes continues to increase.

With constant technological advancements and regulatory changes, businesses need to adapt their skills and strategies to stay effective, as CIAs navigate the evolving ecosystem. This dynamic landscape not only demands a proactive approach but also fosters an opportunity for CIAs to leverage technology in driving organizational resilience and value.

Here’s how CIAs can accept this transformation and become an indispensable asset to their organizations:

• Adopting Technological Change

With exploding amounts of data, CIAs need to make use of emerging technologies more and more, especially in the areas of data analytics and artificial intelligence. While 93% of auditors believe new technology will provide better insights, only 48% are currently engaged in AI initiatives. CIAs need to prioritize their participation in AI and analytics to get more strategic, actionable insights aligned with improving audit quality on evolving business challenges.

• Expanding consultancy services

As businesses look to gain more value from their audit functions, CIAs are anticipated to transform from traditional assurance roles to strategic advisory positions. The outcome indicates that 79% of auditors view a growing demand for advisory services, especially in areas of operations (87%) and compliance (82%). CIAs should strengthen their skill set through advance training and take up a Certified Internal Auditor course in pursuit of becoming vital partners in organizational strategy.

• Obtaining a CIA Certification

CIAs must strive for CIA certification to develop their credentials. Furthermore, this certification would not only meet the CIA certification requirements but also keep them abreast of the industry’s latest knowledge and best practices in auditing. Continuous professional advancement through these courses will be crucial for CIAs in dealing effectively with the emerging challenges and remaining relevant in their role.

• Adapting to Regulatory Changes

With the continuous changes in the environment of regulatory compliance, CIAs need to be updated regularly about the latest changes in regulatory compliance. Understanding the CIA certification requirements and exposure to all the eventualities with regard to regulatory changes in the future would enable auditors to anticipate potential challenges that may prevail and, thus align their audit strategy according to it.

• Promoting Interdepartmental Collaboration

Collaboration is essential for adapting to changing business ecosystems. CIAs must engage departments proactively to obtain a 360° view of risks and opportunities. Stronger relationships with IT, finance, and operations help CIAs ensure that the audit is closely aligned with broader business objectives, amplifying their relevance and impact within the organization.

Partner with Netrika for Future-Ready Audits

The outlook for internal audit is promising, however, it requires CIAs to transform their skills to meet the emerging challenges. By adopting technology, expanding advisory services, pursuing CIA certification, promoting teamwork, and improving interpersonal skills, CIAs can successfully maneuver through the intricacies of today’s business landscape.

Netrika, an IIA- authorized training partner provides a wide range of training programs to ensure that your auditing skills get strong and efficient. Discover the training programs provided by Netrika and boom your potential now!