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​The Road Ahead for Internal Audit: 5 Bold Predictions for the 2020s

In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:

Internal auditing has a long history of successfully pivoting to meet the growing and changing needs of its stakeholders. From its transition to risk-based auditing in the 1990s to its response to regulatory changes in fraud and corruption laws, financial reporting, and most recently, data privacy and culture, the profession has historically adapted to address the dynamic expectations of its key stakeholders.

As this decade comes to a close, I am looking ahead to exciting new prospects for the future. Last month, I shared some predictions about macro trends that could shape our lives and impact the organizations in which we work. Whether those predictions are spot on, the 2020s will almost certainly pose significant new challenges and opportunities for the internal audit profession. And it will be essential that we respond. To sustain and build on our successes of the past two decades, internal auditors will need to pivot yet again to address the changing needs driven by high-tech disruptions that fundamentally impact how work gets done. To successfully adapt, internal auditors will need to embrace technology like never before.

This theme is what framed much of my thinking in developing five bold predictions for internal auditing. These should spark serious thinking by all practitioners about their readiness to take on the marvels of technology and reinvent this amazing profession yet again.

Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.