Internal audit is facing stiff competition when it comes to recruiting tech-savvy talent. In the concluding part of this series focusing on innovation and technology, this knowledge brief delves into the various aspects of internal audit’s “tech challenge.” The brief will draw insights from industry experts to highlight best practices and strategies that can be adopted by teams of any size, in any industry, and with any budget. These strategies aim to help internal audit teams provide assurance and advisory services that are able to keep up with the fast-paced advancements in technology.
To address the challenge of staying abreast of the latest technological developments, internal audit teams must make a concerted effort to build and maintain tech-savvy teams within their organization. One way to achieve this is by leveraging the expertise of industry professionals who have experience in navigating the complex landscape of technology. By learning from these experts, internal audit teams can gain valuable insights into best practices and strategies for auditing technology-driven processes.
These insights can help internal audit teams provide better assurance and advisory services to their organizations. For example, they can ensure that their clients are able to keep pace with the constant changes in technology by providing them with relevant information and guidance on how to effectively integrate new technologies into their processes. This can help organizations stay competitive in today’s fast-paced business environment.
Another key aspect of the “tech challenge” faced by internal audit teams is the difficulty in developing strong technological capabilities within their team members. To overcome this challenge, teams should focus on building a culture that values technical skills and invests in ongoing training and development programs for their employees.
For example, they could establish partnerships with technology providers or vendors who offer training programs or certification courses that can help team members enhance their technical skills. Additionally, they could create a mentorship program where experienced team members can pass on their knowledge and skills to newer team members.
In conclusion, internal audit teams face several challenges when it comes to staying ahead of technological advancements. However, by leveraging the expertise of industry professionals, building strong tech-savvy teams within their organization, investing in ongoing training and development programs for employees, and creating a culture that values technical skills, they can overcome these challenges and provide assurance and advisory services that are able to keep up with fast-paced technological advancements.