Leveling up tech skills in the internal audit profession: A window into value creation in evolving digitalized business landscapes

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

This research paper unpacks the potential of a business' internal audit function (IAF) to evolve with digitalization. The results reveal three ways that IAFs adapt to emerging technological risks. Firstly, by being agile in extending the scope of internal audit roles to include activities like assessing cybersecurity risks. Secondly, by responding to senior management demands for more consulting-type support by morphing into an advisory role. Thirdly, by modifying IAF practices to incorporate a shift in importance towards digital skills like data analytics. The challenges in executing these adaptations rest in auditors upskilling themselves as digital hybrids, while always maintaining independence.

Originality/value

The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Citation

(2021), "Leveling up tech skills in the internal audit profession: A window into value creation in evolving digitalized business landscapes", Strategic Direction, Vol. 37 No. 2, pp. 35-37. https://doi.org/10.1108/SD-11-2020-0199