Embracing the Future: Aligning with IIA's Vision 2035

As the Institute of Internal Auditors (IIA) embarks on Vision 2035, it is crucial to address the challenges that internal audit leaders face.

I have identified four key areas needing resolution for the future success of internal audit leaders.

My aim in sharing these insights on LinkedIn is to guide and prepare upcoming professionals for future challenges.

Below are the areas I believe IIA’s Vision 2035 should focus on, along with some of the solutions we have implemented previously:

1. Effectiveness of Traditional Internal Audit Methods

Challenge: Traditional audit methods, often reactive rather than proactive, are increasingly questioned for their effectiveness in preventing corporate scandals.

Fact: The rise in corporate scandals has highlighted the need for more proactive and dynamic auditing strategies.

Solution: We adapted and enhanced traditional methods to include proactive risk identification and mitigation.

The introduction of an innovative audit testing method, Scenario Simulation Testing (SST), has been transformative.

It enabled us to provide management with critical insights previously overlooked, enhancing our reputation as forward-looking advisors.

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2. Attractiveness of the Internal Audit Profession

Challenge: Attracting top talent to the internal audit profession is challenging, with a misalignment between the profession's perception and the expectations of skilled professionals.

Fact: The competitive nature of the talent market calls for innovative recruitment strategies.

Solution: We developed a compelling value proposition for the profession and employed creative recruitment strategies.

Renaming the role to Business Risk Advisor and rebranding our job advertisements to emphasize innovation and commitment to personal development successfully attracted previously unreachable talent.

Providing flexible working arrangements is a must to stay competitive.

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Engaging in gamified audit championships has also elevated our profile as a modern employer.

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3. Generating Value through Internal Audit

Challenge: Traditional auditing methods are often backward-looking, which limits their ability to provide forward-looking insights.

Fact: Effective auditing requires a deep understanding of an organization's values and future challenges.

Solution: We shifted our focus to predictive and value-centric auditing practices.

Training auditors to focus on strategic or thematic audits, rather than just operational, compliance, or financial audits, has significantly increased our value, relevance, and appreciation by the board and senior management.

4. Readiness for Digitalization and AI Integration

Challenge: The rise of digitalization and AI necessitates a reassessment of the skills and roles within internal auditing.

Fact: AI and automation are dramatically transforming the field of auditing.

Solution: We embraced digital transformation by promoting extensive training and skill development.

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Hiring data scientists to spearhead digitalization and continuous auditing and upskilling business risk auditors for new job scopes are key strategies we implemented.

As we embark on this journey, the IIA’s Vision 2035 holds the potential to transform internal auditing into a field that is more effective, attractive, value-driven, and technologically adept.

Addressing these key points is essential in developing a competent and forward-thinking audit community.

Add in the comment section what other areas needs to be addressed in the Vision 2035.