Internal Audit Trends That Will Dominate – 2018

  • Posted: 11 months ago
  • Estimated reading time: 3 minutes
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Have you ever questioned the necessity of internal auditing? If you have, you might want to ask yourself ‘Do clients depend on your company for efficient, compliant and secure services or products?’ If yes, the answer to the first question is a resounding- Yes!

Internal audits are often seen as tool to criticise employees and their work. This is an outdated view which most companies have moved away from. They are now seen as an important function and a valuable tool to identify gaps in processes, meet compliance goals and effectively identify risks. They provide organisations with a unique perspective and valuable insights into areas that require improvements.

Why Your Company Should Not Avoid Internal Audits?

There are plenty of reasons why your company should be conducting internal audits. Here are just a few:

Quick Look at the Defining Trends for Internal Audits in 2018

Strategic Planning

Strategic planning lays the foundation for the success of any organisation. Take stock of your planning as it helps your company to keep up to pace with industry changes and emerging risks. Regularly review critical features of the process like data, teams involved, frameworks, models, forecasts, scenarios, hierarchy chain, communication channels and use of the plan.

Third-Party Relationships

A third-party network consists of various vendors, sales channels, and technology, cloud and development partners. For a safe 2018, ensure your internal audits begin with an in-depth assessment of process for managing third-party relationships smoothly and recognise the potential risks. Enhance your bottom line as a proper assessment of these third-party networks yield better cost savings.

Health & Safety

Health and Safety has become a major feature of all processes and strategies. Avoid pitfalls by ensuring that your audit plan prioritises processes, capabilities, methods, and frequency of audits, while enabling people, skills and tools to execute this same plan well. This way you will avoid any unwanted incidents.

Digitalisation

Technology is taking over currencies, transactions, services, products and user experiences. Companies, small and big, will have to ensure they are at the forefront of technological advancements. Failing to do so can stunt growth and become a major roadblock in the near future. Devise your internal audits in a way that can analyse impact of digitalisation on the company’s operations, functions, vision, plans, and conduct appropriate risk assessment.

Intuitive Reports

Reports have to be simple, intuitive and generate data-driven insights. Forward-looking and insightful reports will help companies to focus on the risks and issues to stakeholders. There is a rising trend to facilitate reports on hand-held devices and use of interactive tool like drill-down to increase user engagement.

Stay Consistent With ECAT

Stay Calm amidst the chaos of rules, regulations, and standards. Make your internal audit plans for the coming year to reflect your work culture, vision and mission clearly with ECAT, an intelligent audit management software solution. Get Started!

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