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2014 Internal Audit Capabilities and Needs Survey - Infographic

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In organizational psychology, “proactivity” refers to behavior that is anticipatory, change-oriented and highly adaptive. Why is this noteworthy? Because such behaviors, and professionals who practice them, are in great demand throughout internal audit functions, according to the results of our 2014 Internal Audit Capabilities and Needs Survey.

A summary of the annual survey. To read report visit: http://www.protiviti.com/IAsurvey

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2014 Internal Audit Capabilities and Needs Survey - Infographic

  1. 1. The full report on the results of the 2014 Internal Audit Capabilities and Needs Survey may be accessed at protiviti.com/IAsurvey. It also includes breakdowns of the results for CAEs and organization size. © 2014 Protiviti Inc. An Equal Opportunity Employer M/F/D/V. Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services. TODAY’S TASKS: • BE ANTICIPATORY• BE CHANGE-ORIENTED • BE HIGHLY ADAPTIVE Assessing the Top Priorities for Today’s Internal Audit Functions Highlights from Protiviti’s 2014 Internal Audit Capabilities and Needs Survey What are the keys to effective internal auditing? Perhaps it’s PROACTIVITY – being anticipatory, change-oriented and highly adaptive. Today’s internal audit functions face a constant stream of new challenges and opportunities, from emerging technologies and new requirements and standards, to rapidly evolving business conditions. Those whose task lists cover these priorities are best positioned to excel. Social media, mobile applications, cloud computing and security are critical areas of concern Competency Level (5-pt. scale) KEY RISKS POSED BY SOCIAL MEDIA USE ✔ Financial loss 7.3 ✔ Business continuity 6.9 ✔ Intellectual property loss 6.6 ✔ Employee productivity 6.1 KEY AREAS FOR IMPROVEMENT ✔ Mobile apps 2.6 ✔ NIST Cybersecurity Framework 2.4 ✔ Social media applications 2.8 ✔ Cloud computing 2.8 Level of severity (10-pt. scale) CAATs and data analysis remain on center stage KEY AREAS FOR IMPROVEMENT ✔ Computer-assisted audit tools 3.0 ✔ Data analysis tools – data manipulation 3.1 ✔ Data analysis tools – statistical analysis 3.1 ✔ Auditing IT – new technologies 3.2 ✔ Data analysis tools – sampling 3.2 Competency Level (5-pt. scale) Fraud management efforts focus on technology KEY AREAS FOR IMPROVEMENT ✔ Continuous auditing 3.2 ✔ Continuous monitoring 3.2 ✔ Fraud monitoring 3.3 ✔ Fraud auditing 3.4 ✔ Fraud detection/investigation 3.3 Competency Level (5-pt. scale)

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