GRC Audit Management-1-Pager
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The document discusses how the SAP Audit Management application can help internal audit functions streamline processes, promote collaboration, and use data analytics to provide strategic advice beyond assurance. It notes that boards and executive management have differing views on the value of internal audit. Top skills desired for internal auditors include analytical thinking, communication skills, data mining and analytics, business acumen, and general IT knowledge. Internal auditors need to evolve from compliance officers to strategic advisors by investing in skills like analytics.
GRC Audit Management-1-Pager
- 1. Audit Management: Transform Audit, Move Beyond Assurance Discover how the SAP® Audit Management application can help you streamline audit processes with monitoring and mobile capabilities, promote collaboration and use data analytics to provide advice beyond the obvious. Find out more at www.sap.com/audit Market volatility and complexity, combined with political and regulatory change, are here to stay. But in this greater risk context, what can organizations do to prepare their internal audit functions with the right capabilities to reach new heights and play a more valuable role? Internal audit in the spotlight Changing perceptions Top 5 skills desired for internal auditors Analytics are a priority 1. PwC, 2013 State of the Internal Audit Profession Study. 2. The Institute of Internal Auditors, 2013: Time To Sieze The Opportunity, Global Report, April 2013. 3. EY, Matching Internal Audit talent to organizational needs, Global Internal Audit Survey, July 2013. © 2014 SAP AG or an SAP affiliate company. All rights reserved. Boards and executive management have differing views of the value of an internal audit: Contributes significant value Board 44% Executive Management Performs strongly 56% 37% 42% While most agree data analytics are of key importance, less than a third of internal auditors use them regularly. Think data analytics are important to improve audits and understanding of risk Plan to expand their use of data analytics Already use data analytics regularly Internal auditors are under pressure to increase the breadth and depth of their skills – especially in analytical thinking – to create value through business insight. A worrying Internal auditors need to cultivate additional IT skills. What’s holding you back? Leaders vs the rest of the pack The biggest barriers to the integration of analytics are: Inefficient data collection Lack of capabilities and resources of internal auditors are dependent on third parties for specialist IT skills. Internal audit functions must invest in training and up-skilling to gain the competencies and capabilities to increase the value of auditing and shift management perceptions. Internal auditors need to evolve from internal compliance and validation officers to strategic advisors. The top 5% of high performing organizations are more likely to focus on critical risks and issues and use technology innovations such as analytics to amplify the value of audit and risk management. 1 Analytical and Critical Thinking 2 Communication Skills 3 Data Mining & Analytics 4 Business Acumen 5 General IT Knowledge Focus on critical risks and issues Top 5% Rest of the Pack Exploit technology 91% 57% 54% 23% 79% 1 2 1 1 1 3 48% 46%