Internal audits are essential to ensure that risk management and regulatory compliance programs are effective. Many organizations are striving to enhance the efficiency of internal audit planning and execution, while also integrating audits with the risk management program, in order to enhance business performance and governance.
However, due to growing business complexities and regulatory requirements, the volume of internal audits has steadily increased. In most organizations, audit teams are confronted with multiple demands, but limited resources. Many are fast realizing that point-solutions and spreadsheet-based systems are no longer suitable to manage audit programs. Instead, they are actively choosing to adopt a federated, collaborative, and automated approach to internal audit management, enabled by technology. This approach strengthens compliance and audit efficiency, as well as operational excellence.