Abstract
In the era of continuous transformation, the role of internal audit has steadily increased, becoming one of the strategic pillars of today’s companies. In the current context, where corporate governance, risk management and internal controls are increasingly in the hands of regulators, shareholders and the general public, internal auditors have the task of reacting proactively and responsibly to the challenges of the market. Thus, it is important to understand the way in which internal audit activity is being carried out as well as its directions of development. This study aims to provide an overview of the priorities identified by companies in the field of internal audit and to illustrate opportunities to improve the efficiency and effectiveness of the activity of internal audit departments The themes approached in this research aim to define the role of the internal audit function and to describe the way in which internal audit processes are currently being carried out. The research also aims to identify the prospects for transformation of the internal audit function from one that is focused on regulatory compliance into one that can add value to companies. Issues related to the impact of new technologies in process optimization are explored and another topic of interest is the perceived level of current staff skills and the extent to which the budgets and the size of the audit departments currently correspond to their business needs.
Highlights
In a constantly changing business environment, through the survey of internal auditors in Romania, KPMG in Romania intends to focus on the priorities and challenges of this profession as a result of high interest in the best practices in the market.In the survey conducted among companies that already have an internal audit function in place, one of the greatest challenges of the internal audit function in recent years has been the positioning of internal audit as a strategic asset that adds value to a company
The results revealed that, in general, internal audit departments do not use their own resources to carry out these audits: only a quarter of the respondents (26%) have specialists in the internal audit function
A large number of internal auditors appreciate that the internal audit function has a strategic role in companies
Summary
In a constantly changing business environment, through the survey of internal auditors in Romania, KPMG in Romania intends to focus on the priorities and challenges of this profession as a result of high interest in the best practices in the market.In the survey conducted among companies that already have an internal audit function in place, one of the greatest challenges of the internal audit function in recent years has been the positioning of internal audit as a strategic asset that adds value to a company. In the context of ongoing developments in the IT industry as well as changes in operational processes, the ability of internal audit functions to readjust audit plans, verification processes and the human resources needed to carry out their activity is continuously being challenged. This research highlights the need for a better alignment of the internal audit function to the objectives of the organization and a greater focus on increasing operational efficiency and effectiveness In this respect, a number of key points to be achieved in order to increase the level of productivity are identified: proper dimensioning of the internal audit department, establishing the optimal level of investment in human capital and its professional training, adequate use of technologies to increase the efficiency of operations, a better understanding of the potential cyber risks faced by the organization and the establishment of a management plan in advance
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