Gartner, a leading research and advisory company have identified 5 critical components which will audit functions to operate differently — very soon... these components will transform audit by the year 2020 and include;
Dynamic risk coverage – Audit will need to focus on covering a dynamic risk universe, including strategic and emerging risks
Business risk partnership – Audit will be working much closer with the business and provide business partners with forward-looking guidance
Built-in risk management – Businesses will become true risk owners, as opposed to outsourcing risk management
Digital auditing – The new norm will become using remote, continuous, or forward-looking audits
Operational expertise-driven structure – Audit will staff a majority of the department with auditors with previous operations or business experience
How is QC-Technology ahead of this curve? out of the box the QC-Three platform includes frontline assurance scheduling and quota management, dynamic data collection with embedded risk insights which all feed directly to 2nd line governance and digital automated key control testing.
Sounding too good to be true? By centralising both frontline assurance and 2nd line governance Digital auditing is within the grasp of specialised internal auditing functions.
So the QC-Technology difference is not to prepare internal audit for 2020, but to ground up digitise and re-think how Internal Audit integrates to the Trusted Advisor status using powers of compelte population testing and risk management oversight.
QC-Technology, Always happy to discuss.