The challenges the modern-day internal auditor faces are quickly increasing as the enterprise becomes more and more complex. Most audit leaders say they have ample resources for assurance, compliance, and special projects, according to the recently released 2019 Internal Audit Priorities Report. But, to best support their organization, internal audit executives need to realign their resources to execute assurance strategies.
Having the ability to embrace change and continue to build one’s knowledge is a critical part of ensuring audit committees continue to provide those resources, says David Holland, director of internal audit at Modine Manufacturing.
“I really think that executive teams and boards are really seeing the value that internal audit can add in critical areas such as risk management, IT, and even strategic business risks,” Holland told Internal Audit Insights during a recent video interview. “The last decade was heavily focused on SOX, but now they’re rediscovering the value that internal audit brings to the table.”
In part two of this four-part series on internal audit priorities in 2019, Internal Audit Insights caught up with Holland who shared his thoughts on the state of resources for the modern-day internal auditor.