Chief Audit Executives Battling Uncertain Conditions to Achieve Relevance, According to Protiviti's "Internal Auditing Around the World®" Report

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Jul 10, 2023, 14:54 ET

Interviews with global CAEs show organizations building next-generation internal audit teams

MENLO PARK, Calif., July 10, 2023 /PRNewswire/ -- In the 19^th edition of its Internal Auditing Around the World^® profile series, global consulting firm Protiviti has published insights from its interviews with chief audit executives (CAEs) from some of the world's best-known companies. Amid economic unrest, quickly evolving regulations, a fast-moving risk landscape and rising stakeholder expectations, the report highlights how internal audit teams are organizing to deliver higher levels of relevance and strategic value for stakeholders.

The 2023 edition is titled "Relevance: One Goal, Multiple Paths" and represent a wide cross-section of countries and industries. Organizations profiled include Bayer AG, Carlyle, ETN Turistar, Ferrovie dello Stato Italiane, GSK, HEMA BV, Hilton, Majid Al Futtaim Retail, Packaging Corporation of America (PCA), PNC, Vanderbilt University Medical Center (VUMC), Wesco, Westpac Group and Zebra Technologies.

"In the last few years, internal audit teams have navigated a global pandemic, huge swings in business conditions, hiring and retention challenges, exploration and adoption of technologies at unprecedented pace and scale, and are now facing return to work dynamics, a shifting regulatory environment and rising stakeholder expectations," said Andrew Struthers-Kennedy, global leader of Protiviti's internal audit and financial advisory practice. "The internal audit teams featured in our report are focused on making themselves a critical component of their organizations' strategic delivery capability, by leaning into these challenges and building next-generation teams and practices, delivering the level of relevance and value expected of even the most demanding of stakeholders."

The report dives into the different paths internal audit teams are taking to deliver on their core mandates, including utilizing both established and emerging technology tools like advanced analytics, automation, machine learning and even artificial intelligence (AI). There is also a consistent focus on improving the quality and impact of their communication throughout the internal audit lifecycle, including notably through the reporting process. Internal audit leaders are also focused on building next-generation internal audit organizations by investing in their teams, with a very intentional focus on developing the breadth and depth of skills needed to support the needs of the organization now and for what is expected to come next.

The experiences of 14 internal audit leaders are presented as case studies in Protiviti's report. To access a complimentary copy of Internal Auditing Around the World^®, please visit here.

About Protiviti

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, digital, governance, risk and internal audit through its network of more than 85 offices in over 25 countries.

Named to the 2023 Fortune 100 Best Companies to Work For^® list, Protiviti has served more than 80 percent of Fortune 100 and nearly 80 percent of Fortune 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 Protiviti