More assurance and greater insight for less cost — that’s the challenge for audit management teams in an increasingly changeable environment. How can they keep pace?
The evolution of the internal audit profession has been against a backdrop of unprecedented regulatory activity in the past 10 to 15 years. Most audit functions are now larger and more complex as a consequence.
But recently, changes in market dynamics and business development — increased disruption — means that an audit function must respond to a faster-changing risk profile, while maintaining the sophisticated assurance models.
In many ways, this means replicating some of the facets one might associate with a fledgling audit function.
Three Lines of Defense
By extension, this means an audit function must sometimes operate as though it is serving a series of business start-ups. It must be responsive and able to flex its audit plan to accommodate successive changes in business direction.
From a data and technology perspective, an ever-emerging theme is the need to work more closely with colleagues across the business, and operate effectively as part of a “Three Lines of Defense” model in conjunction with risk, compliance and other audit functions.
Our infographic provides an excellent insight into what a connected view of risk looks like, and highlights how audit can use it to support its role as a trusted advisor to the business.
For such an approach to remain relevant today, firms must allow for much needed agility in the assurance that audit provides.
Flexible audit solution
Thomson Reuters has a rich history of investing in audit and broader assurance technology ahead of the curve.
We also recognize the need for technology to provide timely insight over the necessary rapid actions a business must take to stay competitive in these disruptive times.
Changing audit practices
Our Audit Management solution enables your audit team to benefit in a number of ways:
- Annual risk assessments can be updated ad hoc to reflect the impact of business disruption.
- Audit plans can be adjusted in cycle to reflect any change in your risk profile.
- Where applicable, the risk assessments can be informed by the broader risk business through use of the underlying Connected Risk platform.
Using Audit Management empowers your teams with assessments that align with how your business thinks about risk.
The solution’s workflow can adjust with the evolving needs of your audit team, and provides a simpler way for you to adapt to changing audit practices.