Internal audit 2012

Internal audit leaders must adopt risk-centric mindsets if they want to remain key players in assurance and risk management.

The value of the controls-focused approach that has dominated internal audit is expected to diminish. As this occurs, internal audit leaders must redefine the function’s value proposition and adopt risk centric mindsets if they expect to remain key players in assurance and risk management.

These are the central findings of a major survey and interview project PricewaterhouseCoopers conducted to develop a composite picture of internal audit by 2012.

Study results indicate that five identifiable trends—globalization, changes in risk management, advances in technology, talent and organizational issues, and changing internal audit roles—will have the greatest impact on internal audit in the coming years.

By understanding these trends and their implications, internal audit leaders can help senior management identify and manage risk, thereby providing added value from the internal audit function.

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