What makes internal audit unique is its strength and experience in managing uncertainty. Detection and handling of risk were born to internal audit teams. It is a day’s work to raise issues to keep and help organizations survive. Organizations around the world are struggling to minimize business disruption from COVID-19 while navigating new realities falls to a lot of internal audit of this responsibility.
But currently such a great deal has become priceless as leaders and the board struggle to identify and direct COVID-19 associated risks and regulate the evaluation and assertion roles of a new general, internal audit. Here are four ways that internal audit can also carry other value to the business.
- Decision-making facility based on correct data
According to COVID-19 rapid survey by The IIA’s Audit Executive Center, 78% of head audit officers and internal audit directors said their primary strategic response was listening carefully when assessing a short-term accident. Other short term strategies include:
- Until the board updates COVID-19 (72%)
- Modify Business Continuity Plan (66%)
- Count third party relationships (59%).
Internal auditors are important to convey that data-driven short-term risk awareness that supports some decision-making during this uncertain occasion. This is obviously extremely important for both the control team and the entire business; because it helps everyone pay attention to the gathering objectives and remove the danger. Internal auditors must look to the front for an opportunity for risk, as well as mitigate the current threat.
- Organization’s future state needs to be kept in mind
COVID-19 has countless risks that need immediate awareness, but in-house audits also want to see promising or increasing risks that will likely clash with the organization’s likely position.
As a result of the government’s initiative to support organizations on behalf of this deadly disease, auditing squads in various fields are still experiencing more than ever before workload, enabling them to deal with emerging risks efficiently in real-time Need to take on labour. “Even business is in the early stages of impacting Kovid-19’s potential impacts on its process, increasing a contributory risk in the midst of a disaster – social engineering. Cybercriminals are taking advantage of the growing concern over the deadly virus.
The current data from the Barracuda network points to a 600% increase in phishing e-mail. How will these emerging risks be broadly incorporated into your collaboration? What control do you currently have? Are they enough to affect the remote workforce and growing cyber threats? A breach may derail the business in the times to come. What do you currently need to do and who do you need to work with to protect your business?
Internal auditors have to mitigate upcoming risks as well as current threats. Looking ahead involves a 2020/21 internal audit strategy, a change in internal audit methodology, and perhaps a decline in internal audit activity to bring value to an internal business.
- Adoption of an agile audit plan
COVID-19 is causing organizations to rapidly adjust business operations and plans, which presents new ongoing challenges. One of those challenges may be to conduct auditing entirely remotely. Traditional audit planning may not work in this situation, so it may be time to examine an agile approach, really understand how your organization operates, and make sure you get the business skills element of the IIA Competency Framework Are achieving.
Agile auditing centres around the liquid, iterative planning on an ongoing basis, rather than the rigorous, single-stage planning of a traditional audit. Throughout the experience, the main focus has been on collaboration and communication between the audit team and stakeholders. Although audit quality is always an important consideration, the priority is ultimately on the speed and efficiency of delivering a fully polished project. This “try fast, fail fast” design accounts for the unexpected when the team suddenly needs to shift gears. And when everyone has a different role, the team is given the confidence to be self-organized and cross-functional. Agile may be an ideal audit approach while COVID-19 risks and priorities shift quickly, and remote audit teams use technology to stay better connected.
- Using technology for keeping track of audits
Many audit assignments must be completed even when face-to-face communication is not possible. Fortunately, technology can offer auditors a serious advantage here, as it gives you:
Gathering through audit interviews and secure video conferencing. Get live video feeds of subscriber list locations. One of the major challenges for auditors in COVID-19 is complete inventory testing; unless you can close an inventory count, it can be approximate to run for a live video post. Recorded via video is not optional; how can you verify authenticity and impartiality?
And, enthusiastic audit management software like Audit Bond makes these new ways of working more convenient when everyone is remote features like:
- A single, joint platform to enhance collaboration and communication
- Workflows that remote workers are knowledgeable at every stage of the audit.
- A file of documentation, patterns and workflows at everyone’s fingertips
- A thorough audit trail is appropriate for regulators and external auditors to follow everything and guarantee their audit work.
Of course, there are benefits and disadvantages for all technologies at all times. On profit, you will deposit on travel expenses; more in-depth documents, paper trail and coverage; and obtain additional benefits such as robotic process automation and data analysis.
But you will not be able to check the body language of the auditors nor can easily gather reports according to personality. All of this is a matter of change and settling in the “fresh normal”.