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Under pressure? Look to the wider internal audit community

Internal audit must evolve, and we don’t want anyone to be left behind. This is where the Chartered IIA community matters most, says Anne Kiem, CEO of the Chartered IIA

September is a time to take stock. Internal auditors have a prime view over the entire organisation, but those managing the profession should also step back and appraise what their team has achieved this year, what is still to do, and what has changed.

Inevitably, things will have changed. AI, cybercrime, climate change and geopolitical shifts are shaking corporate fundamentals. Rapidly emerging risks are requiring equally rapid responses.

The internal audit profession must understand these changes and think about how they affect both the organization and the internal audit function. But you don’t have to do it alone.

The Chartered IIA is about far more than professional certifications, important as these are. Above all, it is a community. Members across the UK and Ireland are facing similar challenges. All must look ahead at the skills and capabilities they will require to be more effective and responsive in the future.

Nowhere is this community more apparent than at our annual Internal Audit Conference and at our AGM. This year, both take place on 29 of September and if you haven’t looked at the conference sessions or the AGM agenda, then I urge you to do so.

Your voice

The call for nominations to join Council has now closed and has attracted many more candidates than usual. It’s great to see so many members expressing their interest in the future of the Chartered IIA and prepared to give their time to help steer our development.

The Board of Directors is also putting forward proposals to make governance changes that will give members more say in what we do. The aim is to provide greater clarity on how Council members are appointed and to ensure Council has a strong skills mix. The changes stem from recommendations in a review undertaken by the National Council of Voluntary Organisations.

The Internal Audit Conference, which takes place over 29-30 September, should be a priority for all our members. Not only will attendees (in person or virtually) hear the latest thinking from a host of experts, but just as importantly, those who are there in person can talk to others in the internal audit community.

For me, personal connections are the most important benefit of being in a community. It is easy to listen to the same voices, or worse, none at all. We know that being an internal audit leader can be a lonely role. Our conference is an opportunity to learn and to listen, to discuss common challenges, and to find support.

Support and solutions

Time is always short, but time spent discussing with like-minded people solutions to the challenges you face may save hours of research or expensive consultancy later. Contacts made across our community may be able to share their experiences, maybe point you in a new direction, suggest different approaches and answer questions about their own practice.

This is where the Chartered IIA is strongest. Together as a profession, internal auditors need to discuss the rapid changes happening now and ensure the profession’s relevance for the future. This will involve new skills, different ways of gaining assurance and an ever-sharper focus on what provides real insights and strengthens governance.

Some internal audit functions have evolved rapidly over the past few years. Others are moving more slowly. All will need to change, adopt new technology and focus on relevance to create the profession of the future. What is certain is that the whole community must move and we can do this better together. No one should be left behind, because if they are, they will become irrelevant.

Internal audit must carve its niche as trusted advisers, but it faces strong competition from AI and from other functions. The Three Lines Model is becoming more complex as roles shift and assurance comes from new areas.

Global connections

This is a global concern and we are fortunate that our community is wider than the UK and Ireland. We can learn from – and inform – global internal audit developments. IIA Global’s recent position papers on The Three Lines Model and on internal audit’s role in enterprise risk management (ERM) set out the global profession’s views on how you can maintain independence while adapting to these shifts.

The Chartered IIA has long been a leader in internal audit practice, and it’s essential that we learn from, and inform, what is happening elsewhere in the world. At home, and globally, you can start ahead of the curve, but you soon fall behind if you rest on your laurels, don’t keep innovating and are not aware of how others are developing.

Change can seem overwhelming, but being part of a community provides a support network. There are lots of people with the same pressures and the same questions as you. Change should be an opportunity, not a threat or a further drain on limited resources. So please take the help that our community provides to ensure everyone improves together.