LAKE MARY, Fla., Dec. 21, 2021 /PRNewswire/ — The Institute of Internal Auditors’ (IIA) Internal Audit Foundation, in collaboration with global consulting firm Protiviti, has released a white paper, “Are We Ready? It’s Time for Internal Audit to Focus on Resilience Amid Extreme Change,” which makes a case that the internal audit function is well positioned to assess resiliency risk in the face of recent extreme change and help embed resilience in organizations.
“Internal auditors worldwide have an unprecedented opportunity to further demonstrate their prowess as strategic risk and control experts about the myriad issues that have arisen during the pandemic,” said Brian Christensen, global leader of Internal Audit and Financial Advisory services at Protiviti and current president of the Internal Audit Foundation. “Operational issues once taken for granted now require a holistic reassessment of the impacts to an organization. Internal auditors are well equipped to assist the business’ stakeholders in examining these issues and strengthening resilience.”
The COVID-19 pandemic has caused boards of directors and stakeholders to significantly adjust operations for their businesses, and the internal audit function can help by assessing the associated resiliency risks. The whitepaper helps chief audit executives (CAEs) and management better understand the near-term and long-term importance of business resilience – assessing the organization’s ability to operate, remain competitive, and thrive long-term – to an organization’s overall operational strategy.
The white paper identifies questions that CAEs can pose to boards to gain strategic buy-in and outlines ways internal auditors can drive a resilience-based focus in their organizations, including:
- Embedding resilience into audit objectives
- Being involved in process and organizational transformations, and system implementations
- Serving in an advisory capacity, including designing solutions and establishing and reporting on metrics
As uniquely positioned and objective partners, independent from management, internal auditors can help transform their organizations and strategically influence new paths to resilience, by raising questions like:
- How open are our people to change? If they need more support, how can we provide it?
- Are we developing the skills needed to compete and succeed in a dynamic environment?
- How can we transform as an organization to meet current and future business trends and needs?
“Objective assurance from internal audit is critical to a board’s success,” said Harold Silverman, IIA’s director of executive membership. “A focus on resilience provides the insight boards and executives need to manage an ever-changing environment.”
The white paper is available for download here: “Are We Ready? It’s Time for Internal Audit to Focus on Resilience Amid Extreme Change.” A book that further explores the topic of resilience is scheduled for release in March 2022.
About the Internal Audit Foundation
The Internal Audit Foundation, supported by the generosity of its donors, advances the practice of the profession by executing global research to explore issues impacting the profession and funding academic initiatives that support the pursuit and promotion of internal audit education within institutions of higher education. For more information, visit www.theiia.org/Foundation.
About The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is the internal audit profession’s most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 210,000 members from more than 125 countries and territories. For more information, visit www.globaliia.org.
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach, and unparalleled collaboration to help leaders confidently face the future. Protiviti and its independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, analytics, governance, risk and internal audit through its network of more than 85 offices in over 25 countries.
Named to the 2021 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 60 percent of Fortune 1000 and 35 percent of Fortune Global 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.
SOURCE The Institute of Internal Auditors