In light of dramatic changes in business and rapid technological advances, the Institute of Internal Auditors is advising the profession globally to adapt its techniques, skills, and scope of work to answer new demands.

At its recent global conference in London, the IIA issued the global version of its 2014 Pulse of the Profession report to map out five strategies internal auditors can pursue to retool themselves -- improve the alignment of services with expectations of key stakeholders, assume more of a leadership role in some key aspects of risk management, enhance their ability to address critical strategic business risks, improve on talent acquisition, and become a more trusted advisor to management and the audit committee.

“Traditionally, internal audit has been reactionary, but that approach is changing,” said Richard Chambers, IIA president and CEO, in a statement. “Our value to an organization depends on furthering this change in course.”  The IIA issued a North American version of the study in March in connection with its U.S.-based conference. A handful of professional services firms also offered their own reports timed near or coinciding with the global IIA conference:

The State of Internal Audit Survey Report 2014 by Thomson Reuters says 81 percent of auditors globally say their job continues to be dominated by providing assurance on the effectiveness of internal control processes. The survey polled 900 internal auditors in 50 countries and found nearly one-fourth expect to face increased personal liability this year. Nearly half have had no involvement in assessing their company's culture, and 27 percent have had no involvement in assessing the company's corporate governance.

Protiviti released the 10th anniversary edition of its Internal Auditing Around the World series, examining pressing issues and new challenges that confront the evolving global internal audit profession. The publication profiles 16 global companies from a variety of industries, exploring how they approach the internal audit function. The firm says the edition shows the progression of the internal auditor's role toward a strategic leadership function.

EY also issued two white papers at the IIA global conference: “Accelerating the Climb,” a look at IA considerations of importance to high-growth companies, and “Step up to the Challenge,” focusing on how the IA function can keep pace with a rapidly changing risk landscape. The paper for high-growth companies says they can build a strong business control environment featuring robust, efficient, and cost-effective risk management while also pursuing growth.

At the global conference, the IIA also unveiled a new qualification program to identify internal audit leadership. The “Qualifications in Internal Audit Leadership” program is intended to help top internal auditors, including chief audit executives, develop skills that are proven to be key indicators of success in internal audit leadership while also enabling aspiring IA leaders to develop those skills.

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