Internal auditors are continuing to rely less on manual processes while incorporating more digital technologies and analytics into their work.
That was one of the key findings of Caseware’s newly released 2024 State of Internal Audit Trends Report. For the past six years, Caseware has produced this annual look at how internal auditors are managing their changing business environments, adopting new technologies and overcoming the increasingly complex challenges they face. It was based on a Caseware global survey of more than 1,000 internal audit professionals conducted late last year.
The 2024 report shows data analytics solutions – which capture and analyze data from multiple sources, allowing auditors to better assess risk, identify trends and gather evidence – are now employed by a significant majority of internal audit departments. Twenty-one percent of survey respondents said they use data analytics for all their audits, while another 57 percent report they use it for some audits.
These numbers are welcome news, because they show internal audit teams are committed to using analytics solutions to deliver higher-quality audits.
The shift to digital technologies in internal audit was reinforced by the survey responses around in-demand skill sets. Four of the top five skill sets internal audit teams are looking to add are tied to technology. Not only are internal auditors being asked to use more technology in their own jobs, but as their organizations adopt new solutions, such as artificial intelligence, teams are being tasked to understand how the new solutions work and also ensure their use meets industry standards and guidelines.
Caseware’s 2024 State of Internal Audit Trends Report explores a range of other topics, including:
- The top challenges facing internal audit teams
- How difficult it is to hire and retain skilled auditors
- The growth of ESG-related audits
- The biggest internal pressures for auditors
- Today’s top fraud concerns
The report offers a detailed look into how technology, regulatory and talent acquisition trends are impacting audit teams. It also includes key insights from industry experts and comments from survey respondents.
Internal auditors today face an array of potentially disruptive trends, such as increasing regulation, a shortage of skilled auditing talent and the adoption of game-changing technologies like generative AI and automated workflows. Caseware’s 2024 State of Internal Audit Trends Report reveals how your peers are handling these challenges and offers insights you can use to improve your internal audit department.
Get your free copy of the report to discover how the internal audit profession is evolving and uncover insights that will help you and your team deliver high-quality audits and insights in the year ahead