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2019 Internal Audit Capabilities & Needs Survey

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Protiviti's 2019 Internal Audit Capabilities & Needs survey shows how internal audit groups are progressing on their next-generation journeys. Download the full report to find out more.

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2019 Internal Audit Capabilities & Needs Survey

  1. 1. If “No”: Does your internal audit department have plans to undertake any transformation or innovation activities? For more information, read our full survey report, Embracing the Next Generation of Internal Auditing, available at www.protiviti.com/IAsurvey. Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services. © 2019 Protiviti Inc. An Equal Opportunity Employer M/F/Disability/Veterans. Digital Leaders/ Experts CAEsAll respondents OVERALL 1. Enterprise risk management 2. Cybersecurity risk/threat 3. Vendor/third-party risk management 4. Fraud risk management 5. COSO Internal Control – Integrated Framework 6. Agile risk and compliance 7. Lease Accounting Standard – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) 8. AICPA’S Criteria for Management’s Description of an Entity’s Cybersecurity Risk Management Program 9. Cloud computing 10. Revenue Recognition Standard (FASB) Accounting Standards Update No. 2014-09) CAEs 1. Cybersecurity risk/threat 2. Enterprise risk management 3. Fraud risk management 4. Vendor/third-party risk management 5. COSO Internal Control – Integrated Framework 6. Revenue Recognition Standard (FASB) Accounting Standards Update No. 2014-09) 7. AICPA’S Criteria for Management’s Description of an Entity’s Cybersecurity Risk Management Program 8. Lease Accounting Standard – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) 9. Evaluating SOC reports 10. Cloud computing Top 10 Audit Plan Priorities for 2019 Which one of the following statements best defines the current maturity of your internal audit transformation or innovation activities? Digital Leaders/Experts All respondents There is no formal innovation agenda and no programs are in place to drive or encourage innovative thinking and pursuits Even if an innovation agenda does not exist, ideas are encouraged and often evaluated and explored The internal audit function has run innovation challenges to generate ideas and pursue proposed solutions The internal audit function understands the importance of innovation and innovation contributions are measured as part of performance appraisals Innovation is defined as a core value for the internal audit function with an appreciation and focus on continuous reinvention to long-term success Yes 76% 72% 81% No 19% 27% 13% Unsure 5% 1% 6% All respondents Most organizations have started their innovation journey and anticipate significant progress over the next two years, according to the results of Protiviti’s 2019 Internal Audit Capabilities and Needs Survey. Yes, in the next year 24% 27% 24% Yes, in the 2 next years 40% 42% 41% No 36% 31% 35% Digital Leaders/ Experts CAEs Is your internal audit department currently undertaking any transformation or innovation initiatives? Embracing the Next Generation of Internal Auditing 18% 11% 23% 25% 27% 22% 28% 32% 4% 10%

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