Six ways to transform your CCM program
In its 2019 State of the Internal Audit Study, PwC has identified six ways to transform Internal Audit into a digitally fit function. In Part 1 of this blog, we examined six additional habits executives say will improve your internal audit functions.
PwC surveyed more than 2,000 executives and board members around the world, trying to identify behaviours leading to more digitally fit risk, internal audit and compliance functions.
The report suggests ensuring continuous controls monitoring is in place to make the organization more agile.
Checklist for dynamic internal audit
PwC pointed to six ways companies can advance:
- Assess internal audit’s current staff in context of the organization’s overall digital strategy and consider recruiting talent with more data capabilities
- Collaborate with other lines of defence that help the organization achieve a common digital governance platform. Make sure digital technologies get developed consistently and contain safeguards
- Consider building an ongoing data governance audit into the audit plan in order to provide assurance with regard to the organization’s data
- Follow a consistent framework to identify and evaluate activities throughout the internal audit life cycle with a view to finding the best candidates for automation. Routine audits in areas such as travel and expense, anti-bribery and anticorruption, and location or plant audits also may be great candidates given the efficiencies to be achieved
- Align with the other lines of defence to develop a common point of view on risks. Continually evaluate and consider changes in the risk profile to better prioritize risks and keep pace with digital initiatives
- Identify new data-driven and technology-driven capabilities and service offerings – such as continual auditing of critical controls – in order to monitor high risk areas in real time
It is important to have a real-time overview of your organization’s state of internal controls, to identify any control gaps and weaknesses and to establish a more risk-based and focused Internal Audit plan. By becoming a dynamic participant your organization will accomplish broader preventative measures as opposed to sampling methods. By doing this, you will reduce your audit fieldwork because of the increased scrutiny.
Follow the link read the full 2019 State of the Internal Audit Profession Study.
CaseWare RCM’s Alessa is a single solution that can help companies with their Continuous Controls Monitoring and audit needs. Our Continuous Controls Monitoring (CCM) and Continuous Auditing (CA) allow management and internal audit to continually review business processes to ensure that they are meeting their targets for performance and effectiveness. Please contact us to find out more.
About Anu Sood
Anu Sood (LinkedIn | Twitter) is the Director Marketing at CaseWare RCM and is responsible for the company’s global marketing strategy. She has over 20 years of experience in product development, product management, product marketing, corporate communications, demand generation, content marketing and strategic marketing in high-tech industries.