Survey 2014: Transforming Internal Audit Management
 

Survey 2014: Transforming Internal Audit Management

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http://spr.ly/SAP_GRC - Internal auditors describe how technology will impact the profession. A survey of internal auditors conducted by SAP at the IIA International Conference in London, June 6-9 ...

http://spr.ly/SAP_GRC - Internal auditors describe how technology will impact the profession. A survey of internal auditors conducted by SAP at the IIA International Conference in London, June 6-9 2014.

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Survey 2014: Transforming Internal Audit Management Survey 2014: Transforming Internal Audit Management Presentation Transcript

  • Transforming Internal Audit Management Aggregate Insights July 2014
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. 2Internal Background  The following includes insights from a survey on “Transforming Internal Audit Management”  The survey was conducted at the Institute of Internal Auditors Conference in July 2014 at London  Insights were provided by 150+ participants
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. 3Internal Key Findings consider Integration with Risk and Control management systems and/or the underlying ERM as the key capability needed in the future 81% view that Cost and Difficulty in implementing respectively are the biggest concerns with the use of technology by internal audit. 54% use integrated audit management solutions with analytical capabilities; only 14% say that current audit management/analysis tools meet all/most needs believe that Technology will fundamentally change how audit services are performed and how the value of those services is measured 54% 15% View slide
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. 4Internal Technology Fundamentally Impacts Audit Services Performance Q: What role do you believe technology will play in transforming internal audit? Survey Question #1 Key Takeaway: 54% organizations believe that Technology will fundamentally change how audit services are performed and how the value of those services is measured 1 Fundamentally change how audit services are performed and measured 54% Drive cost reduction and increased effectiveness 26% Impact on IT audits only 7% Enable a shift to trusted advisor role for internal audit 13% Source: SAP Transforming Internal Audit Management Survey; N ~ 150 View slide
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. 5Internal Inadequate Current Technology Adoption Key Takeaway: Only 15% of organizations are using integrated audit management solutions with analytical capabilities; only 14% say that current audit management/analysis tools meet all/most needs 38% 28% 19% 15% Audit Technology Used Q: “What type of audit technology are you using today?” & If you are using an audit management or audit analysis tool today, how well do they meet your needs? Specialized analysis/ monitoring software Basic applications like email, document management Unintegrated Point solutions Integrated solution with analytical capability 2 Meet most/all needs 14% Meet some needs 57% Meet a minimal set of needs 20% Not at all 9% Survey Questions #2 & #3Source: SAP Transforming Internal Audit Management Survey; N ~ 150
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. 6Internal Desired Future Capabilities Key Takeaway: 81% organizations consider Integration with Risk and Control management systems and/or the underlying ERM as the key capability needed in the future* 3 1% 2% 2% 6% 1% 5% 1% 4% 2% 6% 6% 8% 8% 7% 8% 9% 18% 16% 16% 23% 21% 17% 22% 23% 25% 37% 31% 37% 32% 33% 38% 43% 36% 34% 37% 22% 30% 23% 49% 39% 35% 30% 32% 30% 29% 27% 20% 21% Integration with Risk & Control mgt and/or ERM Reporting and dash boarding Collaborative tools Predictive analytics Mobility Big Data Resource management and scheduling Off-line capability Self-assessment surveys Sentiment analysis 1-Low 2-Low/Medium 3-Medium 4-High 5-Critical Survey Question #4 *Note – Criticality measured in terms of 4/5 importance rating on a scale of 1-5 Source: SAP Transforming Internal Audit Management Survey; N ~ 150 Q: “Which of the following capabilities do you think will be needed by internal auditors in the future?”
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. 7Internal Biggest Impediments Cost and Difficulty in Implementing Technology Key Takeaway: 54% and 45% of the respondents are of the view that Cost and Difficulty in implementing respectively are the biggest concerns with the use of technology by internal audit. Q: “What are your main concerns with the use of technology by internal audit?” 54% 45% 25% 24% 20% 13% Cost Difficulty in implementing Security and confidentiality of work papers Resistance by audit staff Quality of solutions available today Impact on audit independence Cost and Difficulty in implementing technology are the biggest concerns 4 Survey Question #5Source: SAP Transforming Internal Audit Management Survey; N ~ 150
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. Appendix
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. 9Internal Participant Profile Over 150+ Participants Responded to the Survey Industry Mix (% of Respondents) 16% 10% 6% 5% 5% 5% 5% 4% 4% 3% 3% 3% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 20% Public Sector Banking Oil and Gas Professional Services Consumer Products Insurance Chemicals Utilities Healthcare Other Services Mining High Tech Travel & Transport Railways Automotive Defense and Security Aerospace and Defense Travel & Transport Airlines Retail Telecommunications Industrial Machinery and Components Sports and Entertainment Higher Education and Research Travel & Transport Hospitality Other No Response Organization Size (% of Respondents) 44% 34% 10% 7% 6% Chief Audit Executive Audit ManagerSupervisor Professional Audit Staff Other No Response Participant’s Role (% of Respondents) 32% 30% 31% 7% Less than €1 billion Between €1 billion and €5 billion More than €5 billion No Response Source: SAP Transforming Internal Audit Management Survey; N ~ 150
  • © 2014 SAP SE or an SAP affiliate company. All rights reserved. Thank you