Issue

The future of Internal Audit

Manage disruption while building stakeholder trust

Michael A. Smith

Michael A. Smith

Partner, Advisory, and U.S. Internal Audit Solution Leader, KPMG US

+1 214-840-6019

With pressure to do more with less in an environment of unprecedented business disruption, the Internal Audit function must evolve to become the trusted partner of its leadership team.

You can help your organization pivot with greater speed, agility, and flexibility. With new thinking, skills, and capabilities, Internal Audit can become a more dynamic problem solver to help the organization address changing market conditions, customer expectations, and workforce needs.

How will you transform and build better protection for your organization?

Work more efficiently and create more value in less time. Your stakeholders will see the true value Internal Audit adds and regard it as an integral part of its risk management strategy.

Internal audit: Trusted and disrupted
The vital role of internal audit in building stakeholder trust


Six areas that Internal Audit should do well

As you transform, manage change, and build trust in today’s environment, you will want to put future-ready processes and models in place. KPMG has identified six areas of focus to help you deliver greater value.

Stakeholder engagement and trust Strategy and value management  Digital acceleration 
Know your top stakeholders and take time to foster relationships attuned to their needs Consider a strategic mix of enhanced assurance, risk insights, and business improvements to prioritize and identify emerging risks  Select technology with organizational goals in mind to enable program and project level work
Data, analytics and insights  New ways of working Operating model agility
Curate and use both enterprise and external data to provide risk insights and enhanced assurance  Rethink where services are delivered and what competencies are needed so you can retain the right talent Be responsive to disruption, flex with the business strategy throughout the year, and coordinate with other lines of defense


Turn disruption into opportunity

KPMG brings its extensive knowledge of Internal Audit gained from working with many businesses to help you build an agenda for transformation. Learn more here.

 

 

Digitized internal audit

KPMG hosted a webcast in April 2022 with the Insitute of Internal Auditors (IIA) on the topic of digital acceleration in the internal audit function. During the webcast, we polled over 700 individuals  who hold various internal audit roles at their organization. Here is what we discovered.

Digitized internal audit
An infographic that showcases the polling response that all webcast attendees participated in during a KPMG and IIA hosted-webcast.

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Michael A. Smith

Michael A. Smith

Partner, Advisory, and U.S. Internal Audit Solution Leader, KPMG US