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The full report on the results of the 2014 Internal Audit Capabilities and Needs Survey may be accessed at protiviti.com/IAsurvey. It also includes breakdowns of the results for CAEs and organization size.
© 2014 Protiviti Inc. An Equal Opportunity Employer M/F/D/V. Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.
TODAY’S TASKS:
• BE ANTICIPATORY• BE CHANGE-ORIENTED• BE HIGHLY ADAPTIVE
Assessing the Top Priorities forToday’s Internal Audit FunctionsHighlights from Protiviti’s 2014 Internal Audit Capabilities and Needs Survey
What are the keys to effective internal auditing? Perhaps it’s PROACTIVITY – being anticipatory, change-oriented and highly adaptive. Today’s internal audit functions face a constant stream of new challenges and opportunities, from emerging technologies and new requirements and standards, to rapidly evolving business conditions. Those whose task lists cover these priorities are best positioned to excel.
Social media, mobile applications, cloudcomputing and security are critical areas of concern
Competency Level (5-pt. scale)
KEY RISKS POSED BY SOCIAL MEDIA USE
✔ Financial loss 7.3✔ Business continuity 6.9✔ Intellectual property loss 6.6✔ Employee productivity 6.1
KEY AREAS FOR IMPROVEMENT
✔ Mobile apps 2.6✔ NIST Cybersecurity Framework 2.4✔ Social media applications 2.8✔ Cloud computing 2.8
Level of severity (10-pt. scale)
CAATs and data analysis remain oncenterstage
KEY AREAS FOR IMPROVEMENT
✔ Computer-assisted audit tools 3.0✔ Data analysis tools – data manipulation 3.1✔ Data analysis tools – statistical analysis 3.1✔ Auditing IT – new technologies 3.2✔ Data analysis tools – sampling 3.2
Competency Level (5-pt. scale)
Fraud management efforts focus on technology
KEY AREAS FOR IMPROVEMENT
✔ Continuous auditing 3.2✔ Continuous monitoring 3.2✔ Fraud monitoring 3.3✔ Fraud auditing 3.4✔ Fraud detection/investigation 3.3
Competency Level (5-pt. scale)