Eight Uncomfortable Truths About Internal Audit in 2024
Hal Garyn (Audit Executive Advisory Services): Yet, as far as internal audit has come, one thing hasn’t changed that much: we often don’t feel like we get our full measure of respect and stature.
The internal audit profession has come a long way from when I entered it four decades ago. In the 1980s, a time before PCs, canned audit programs were common, as were manual confirmations, “nth item” samples from green bar dot matrix printed computer paper, and huge folders of workpapers secured with things called ACCO fasteners.
In the years since, internal audit has gone digital, branched out into every facet of the organization, leveraged data analytics, and has made several advancements in quality and efficiency. Yet, as far as internal audit has come, one thing hasn’t changed that much: we often don’t feel like we get our full measure of respect and stature.
As I reflect on where internal audit is as a profession and consider what internal audit still needs to accomplish, eight uncomfortable truths come to mind as we move into the second half of 2024. Now, not all internal audit functions suffer from all of these challenges. But my strong suspicion is that many of you will recognize some of these issues that still vex the internal audit profession after more than 80 years since the Institute of Internal Auditors was first founded, and the profession sought to stake out its own unique place in the business world.
The Uncomfortable Truths About Internal Audit
So, here are eight uncomfortable truths about internal audit in 2024:
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