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Caseware's 2024 State of Internal Audit Trends Report highlights industry shift towards digital transformation.
Is your internal audit team ready to adapt to the digital transformation? The internal auditing landscape is experiencing a significant shift with the increasing use of digital technologies and analytics. Caseware's sixth annual "State of Internal Audit Trends Report" for 2024 offers a comprehensive analysis of how internal auditors are adapting to emerging challenges, technological advancements, and changing regulatory frameworks.
From a comprehensive global survey conducted late last year, the report highlights a significant surge in the integration of digital technologies and analytics, resulting in a decreased reliance on manual processes. A majority of internal audit departments now leverage data analytics solutions for comprehensive risk assessment and trend identification. Notably, 21% of respondents reported using data analytics for all audits, with an additional 57% employing it for select audit tasks.
The report highlights the increasing significance of technology-related skills among internal audit teams. Four out of the top five in-demand skills are technology-centric, which means that internal auditors must have a clear understanding of emerging technologies. They must also ensure that these technologies adhere to industry standards and guidelines. As organisations continue to adopt innovative solutions like artificial intelligence, the role of internal auditors in navigating the complexities of these technologies while ensuring regulatory compliance becomes even more crucial.
Delving into critical topics, the 2024 State of Internal Audit Trends Report offers detailed insights and expert commentary on:
- Top challenges facing internal audit teams: From navigating regulatory complexities to mitigating cybersecurity risks, auditors confront several challenges in today's financial landscape.
- Talent acquisition and retention: The report examines the challenges in hiring and retaining skilled auditors amidst growing competition and shifting job market dynamics.
- The growth of ESG-related audits: With environmental, social and governance (ESG) considerations gaining prominence, auditors explore new avenues to address sustainability and ethical concerns.
- Internal pressures for auditors: Auditors face mounting pressures to deliver timely and insightful audits while balancing competing organisational priorities.
- Top Fraud Concerns: In an era marked by sophisticated cyber threats and financial fraud, the report highlights the most pressing fraud concerns faced by internal audit teams.
With insights from industry experts and comments from survey respondents, the 2024 State of Internal Audit Trends Report serves as a roadmap for internal audit professionals, offering valuable insights to navigate the complexities of today's audit landscape and drive organisational excellence in an era of rapid digital transformation.
“The reports explore how firms need to do more with less, areas of growth and the role that emerging technologies will play”, Dave Osborne, Caseware’s CEO noted. "It's a time of transformative change with a focus on new ways to attract talent, ongoing investment in technology, and the rise of Gen AI.
Access your free copy of the report to uncover insights that will help you and your team deliver high-quality audits and insights in the year ahead.
Caseware is a global leader in providing desktop and cloud-enabled solutions for audit, assurance, financial reporting, and data analytics for accounting firms, corporations and government regulators. With innovative tools and platforms, Caseware helps over half a million customers in 130 countries, including Australia, work smarter and dig deeper to gain insights and transform them into impactful actions. To learn more about Caseware's solutions in Australia, please visit www.caseware.com/au/.
