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Getting the people, process and technology right for any internal audit function is a fine balancing act, one that is complicated by a business environment that refuses to stand still. What worked last year might be unbalanced by next year, and totally out of kilter further down the line. In five years, it could look completely different.
However, amid this uncertainty, we will see in the coming years a significant shift in the skills pyramid within the internal audit team, with greater emphasis now placed on new and more specialised skills and experience. The pyramid will be turned on its head as IA requires greater experience with broader and deeper expertise at senior levels.
At the same time, we will see routine tasks replaced with robotic process automation – yes, the robots are coming, but they will not be putting internal auditors out of a job. Instead, there will be greater opportunities to provide valued adding business advice as business partners to the wider enterprise.
The use of RPA and data analytic tools will free up time for higher grade advisory work. This will lead to a wholesale skillset shift, one that will move internal auditors higher up the skills curve at greater speed. It will also see skills being brought in from around the organisation and outside as well.
This is a snapshot of the future of internal audit – there will be challenges for the team but also great opportunities, many of which are happening now.
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