Thinking Forward: Internal Audit Management for 2024 & Beyond
Last Updated: February 6, 2024
As an auditor, it is your fiduciary duty to report risks across your organization. As teams are being asked to do more with less going into 2024, your audit management program is under more pressure than ever. At LogicManager, we believe bridging silos from your audit management program across the enterprise will prove to be a key driver of success. This will allow you to deliver a more complete audit history across the enterprise while delivering a more streamlined audit planning and execution process. These efficiencies will allow you to operate at a much higher level, spending resources more wisely in the areas most critical to your success. We’ve identified four key characteristics of audit management programs that will set you up for success in 2024 and beyond.
Successful Audit Management Programs Focus On:
Striving For Continuous Improvement
Successful audit management in 2024 will account for dynamic business changes that may take place. Teams can no longer rely on the previous year’s focal points to know what will be important moving forward as the way we work continues to evolve. This drives commitment to continuous improvement ensuring that the internal audit process remains responsive and adaptive to changes in the organization, industry, and regulatory landscape. As your internal audit program spans further across the enterprise, you will uncover more insights and opportunities to plan for risk, delivering a clearer picture of the audit planning that needs to come.
Deliver Clear Communication
For too long, there has been a lack of visibility into risk across the organization. The inability to see risk across teams and departments manifests itself in an inability to address critical risks from an auditing standpoint. Focusing on clear communication ensures that audit findings and associated risks are communicated to leadership on a regular basis. This facilitates an organizational understanding and paves the way for stakeholders to make more informed decisions to address identified issues.
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Cross-Functional Collaboration
Cross-functional collaboration is an essential element to gain insight into different areas of the organization. This collaboration ensures that audit processes align with broader organizational goals and objectives, contributing to overall strategic success. Without this, audits will be conducted without precision on high-risk areas, which will result in an inefficient use of resources. As companies tighten their budgets and spending, it’s imperative that this waste is kept to a minimum.
Strong Record-Keeping
Strong record-keeping is vital for accountability, compliance, and providing a clear historical context for audits. It facilitates traceability, enabling auditors and stakeholders to review past actions and decisions. For too long, information within organizations has been spread across multiple systems without the necessary controls for updating or proper change management. This fragmentation of information can lead to operational inefficiencies and potentially inaccurate data being reported.
Adopt a Forward-Thinking, Risk-Based Approach to Internal Audit Management in 2024
LogicManager’s Audit Management solutions will help your organization adopt a risk-based approach, empowering you to manage tomorrow’s surprises today. By bringing a proactive and forward-thinking approach to your internal auditing activities, you can enable your team to make better decisions that are more in tune with strategic priorities. Speak with one of our risk experts to learn how LogicManager can improve your internal audit program.