Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era

Abstract

In the new era, Internal audit of Commercial Banks is facing more risk challenges, This paper analyze the difficulties and shortcomings encountered by internal audit in the process of innovation development, On the one hand, Internal audit function is facing unprecedented challenges, with arising business involvement and regional cooperation, cross-business and cross-region risks are growing even complex, the regulatory requirements turning much strict by enhancing comprehensive supervision on more penetrated aspects, together with the self strategic transformation of commercial bank. On the other hand, Internal audit encountered more difficulties, with limited information and communication from the regulators, talents needs to be improved both structurally and professionally, concepts and methods is on the urgent need of upgrading. This paper also explores the development direction and ideas of internal audit to actively respond to complex risks and regulatory changes, further clarifies the path of internal audit to promote innovative development in the future period, and realizes mutual promotion and effective integration of risk prevention and control with the function of internal audit by exploring more paths for internal audit to realize concurrent innovative development, finding more methods for self improvement in order to meet the fast development of banking business, building a strong mechanism for system standardization and team operation.