Misalignment Between Top Risks and Internal Audit Efforts
Internal Audit
Misalignment Between Top Risks and Internal Audit Efforts
AuditBoard ’ s 2025 Focus on the Future survey found many internal audit leaders are missing key opportunities to leverage technology , strategize and collaborate across their organizations , making it challenging to narrow the gap between rising risk demands and stagnant risk management capabilities . Among survey findings :
• Risks may be growing , but resources are not ;
• Lack of progress in implementing generative AI in internal audit ;
• Lack of readiness to conform with The Institute of Internal Auditors ’ Global Internal Audit Standards ;
• Cybersecurity retains its place as the top-ranked risk and top area of audit effort ;
• Ongoing misalignment between risk levels and planned audit efforts in key areas ; and
• Immature views on the importance of internal audit strategic planning and technology planning . Read more at auditboard . com / resources / ebook / 2025-focus-on-the-future-inflection-point-fortransformation-at-mid-decade .
Disclosures Regarding Audit Firm Oversight Have Plateaued
An analysis of audit committee disclosures of companies in the S & P 1500 reveals a plateau in disclosure rates across several areas important to investors , including considerations in appointing or reappointing the external auditor , length of auditor tenure and how the audit committee evaluates audit fees in relation to audit quality .
The report from the Center for Audit Quality ( CAQ ) and Ideagen Audit Analytics highlights the progress that has been made in audit committee disclosures since 2014 and emphasizes the need for audit committees to continue to raise the bar with their disclosures each year , the CAQ said .
One area where the bar could be raised is the oversight of the external auditor . For example , the report found that 50 percent of the S & P 500 included discussion of the audit committee considerations in appointing or reappointing the external auditor , which is just up from 49 percent of the S & P 500 in 2023 .
While progress has been made in the last 11 years — it was only 13 percent of the S & P 500 in 2014 — this is an area where disclosures can continue to be enhanced , the CAQ said .
Find more info at thecaq . org / audit-committee-transparencybarometer .
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