Deloitte internal audit survey : what can we expect over the next 5 years?

Deloitte collected the answers of 1 203 internal audit directors spread over 29 countries around the world. This 2016 survey forecasts the changes up and coming for Internal audit in organizations over the next 5 years.

The majority of respondents highlighted significant skill gaps impacting internal audit efficiency and position within organizations. The most important gaps are apparently in Specialized IT and data analytics (both 41%), model risk and fraud prevention (24%).

The answers not only showed a lack of skills but also underlines the need of means and tools to improve in these audit domains strongly needed by organizations around the world. Internal audit is playing an increasing role today in risk modelization and fraud prevention but to be up to it the proper skills and tools are needed.

 

The rise of analytics

According to this global survey, strong and rising opportunities exist for analytics regarding internal audit around the world. Deloitte forcasts that analytics will skyrock over the next 3 to 5 years for internal audit. But what do we mean by analytics?

Data collection is of course only the first step in auditing efficiently and with added-value the immense volumes of data organizations now need to see through each year, often several times of year if possible and/or needed. 40% of internal audit directors who answered this survey said they would be using analytics in 3 out of 4 audits in the next 5 years. Internal audit is clearly embracing the analytics trend regarding its needs and goals.

But, barriers for analytics were highlighted, especially regarding data quality and the need of training teams. 2 out of 3 directors think that solutions to these barriers will be: proper in-hourse training and the acquisition of licenses or other means to increase the availability of analytics tools.

In the same trend, respondents clearly confirmed the rise of dynamic analytic and visualization tools over static reports. Internal audit now needs proper dynamic tools to analyze in-depth vast volumes of data, folders, files, and powerful reporting capacities to answer internal and external audit and information requirements. Stakeholders expect more forward-looking reports as well as insights regarding risks, strategic planning, IT, and business performance.

 

Will these changes come true in the next  years and will they concern all organizations? What about your internal audit reality in your organization? 

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