Internal Audit Challenges During COVID Times
Author: Lynn Fountain
| CPE Credit: |
2 hours for CPAs |
COVID-19 has impacted all professions and internal audit is no exception. As if communicating and conducting an internal audit on-site isn’t hard enough, now we face the challenges of remote work and a rapidly changing risk environment.
With the onset of the COVID pandemic in 2020, Internal Audit departments saw their audit plans changing and adapting. In many cases, internal resources were re-allocated to operational areas. In addition to these challenges, Internal Audit saw challenges with:
• Emerging business risks and technologies
• Audit Plan Priorities
• Staff Skillset
• Department Resources
Organizations, their environments and their ways of working have evolved rapidly and in ways that had not been previously envisioned. This includes everything from reallocation of work responsibilities to being expected to conduct internal audits remotely. Internal auditors must look within to determine how to stay relevant and add value in this changing and emerging environment.
It is important that Internal Audit is proactive and prepared, while remaining pragmatic, as the situation continues to evolve.
Publication Date: February 2022
Topics Covered
- Challenges to the Traditional Audit Process
- Emerging Risks
- COVID-19 Challenges
- Skills
- Technology
Learning Objectives
- Identify the challenges for auditors to stay relevant in a changing business environment
- Recognize the challenges to the traditional audit process
- Recognize the top emerging risks for internal audit in 2022
- Evaluate the impact of the changing environment due to COVID-19 on the work plan of internal audit
- Recognize actions internal audit can take to address challenges
- Recognize the importance of upgrading the skills and exposure of the internal audit team
- Recognize the role of technology in assuring a smooth transition to value-added auditing
- Identify an example of a performance standard
- Recognize the top seven risks in 2022 identified by executives
- Identify the top method for upgrading skills that are non-technology related
- Identify what percent of CAE's felt the dynamic nature and velocity of risks must be an overarching consideration for IA and other risk professionals
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Experience with internal audits.
Advance Preparation
None
