COVID-19 has impacted all professions and IA is no exception. As if communicating/conducting an IA on-site isn’t hard enough, now we face the challenges of remote work and a rapidly changing risk environment.

With the onset of the COVID pandemic in 2020, IA departments saw their audit plans changing and adapting. In many cases, internal resources were re-allocated to operational areas.

In addition to these challenges, IA saw challenges with:

  • Emerging business risks and technologies
  • Audit plan priorities
  • Staff skills
  • Department resources

 

Organizations, their environments and ways of working have evolved rapidly and in ways that had not been previously envisioned. Includes everything from reallocation of work responsibilities to being expected to conduct internal audits remotely. IA must look within to determine how to stay relevant and add value in this changing and emerging environment. It is important that IA is proactive and prepared, while remaining pragmatic, as the situation continues to evolve.

Learning Objectives
  • Identify the challenges for auditors to stay relevant in a changing business environment.
    • Examine challenges to the traditional audit process.
    • Examine top emerging risks for IA in 2022.
    • Evaluate the impact of the changing environment (due to COVID-19) on the work plan of IA.
  • Explore and examine actions IA can take to address challenges.
  • Explore the importance of upgrading the skills and exposure of the IA team.
  • Recognize the role of technology in assuring a smooth transition to value-added auditing.
Last updated/reviewed: August 20, 2023
34 Reviews (238 ratings)

Reviews

5
Member's Profile
Lynn, The fact that I scored 90% is a testament to the strength of your course. I am a former member of IIA and took many courses, read the monthly magazine, however, never received the IA Certification credentials. Many years have passed and the world of IA has changed dramatically with the changes in technology and the volume of transactions. Your course has brought me up to snuff and I thank you. Great Course. Larry

4
Anonymous Author
This is a great update and viewpoint on the future of IA. There is so much to consider after the effect of COVID-19 and other emerging issues that needed to be address. This training is really a real life opener on ways to improve the IA process and what to look for. Thanks for this training.

5
Anonymous Author
Very good course providing some very good high level trends and statistics in the field of internal auditing. It can be very useful for audit staff as well as internal audit leaders to understand current trends.

4
Anonymous Author
Very good course providing some very good high level trends and statistics in the field of internal auditing. It can be very useful for audit staff as well as internal audit leaders to understand current trends.

5
Anonymous Author
I though the PWC and audit board studies were very interesting content that could be applied to audits in general. I thought the risks areas that businesses were concerned with was also very interesting.

5
Anonymous Author
"Future of Internal Audit" CPE course was valuable and comprehensive, covering latest trends and developments in the field. Instructor was knowledgeable and engaging. Highly recommend.

5
Member's Profile
With all the recent changes in the IIA and the standards this is a good refresher on things and helps to provide critical thinking on how to keep IA relevant and beneficial post covid.

4
Member's Profile
This was a good course and interesting. I hadnt thought about all of the recent challenges that my current environment and colleagues have recently faced.

4
Anonymous Author
Interesting course overall to think about the future of the profession and where it fits in. Definitely have to continue to "sell" the department's purpose.

5
Anonymous Author
Really enjoyed the Audit Board and PwC insights that were built into the course. It's a relevant course given all that has happened these past few years.

5
Anonymous Author
Very interesting and detailed course on the future of Internal Audit and how the pandemic impacted how the IA function operates.

4
Anonymous Author
Excellent course with good updates on dealing with pandemic outcomes and the latest thinking on audit activities and planning.

5
Member's Profile
Another great course, I am not in internal audit and was able to get a good understanding of the challenges and changes to IA.

5
Member's Profile
A courageous attempt to summarize predictions about how our profession may change during the extended chaos of the pandemic.

4
Anonymous Author
I always find the industry updates/studies to be really interesting. Lot's to think about going forward when evaluating risk.

5
Member's Profile
Very interesting course and overview of the effects from the Pandemic and proposed responses for the Internal Audit Activity

5
Anonymous Author
Very interesting course and it will be fascinating to see how COVID continues to upend the previous working contract.

5
Anonymous Author
Excellent course on internal audit, their relevant standards, and the challenges facing them in the coming years!

5
Anonymous Author
Course was well thought out and had a lot of great information to be applied to IA of a company. Thanks!

5
Member's Profile
I am an internal auditor who works remotely and this information is very helpful and insightful.

5
Member's Profile
this was a good class on the future of Internal Audit. A lot of which is being seen today.

5
Anonymous Author
Good Course. Materials supported the presentation. Exam had understandable questions.

5
Member's Profile
I really enjoyed the overview of the future of internal audit and audit practices

5
Anonymous Author
Course was a very good overview of challenges for IA, instructor was engaging

5
Member's Profile
Great information as IA moves forward in an ever changing environment.

5
Anonymous Author
A little dull but it is what I expected. It is Internal audit afterall

5
Anonymous Author
Great course with up-to-date examples. Learned plenty to apply later.

5
Anonymous Author
Great course and content. It was well laid out and easy to follow.

5
Anonymous Author
Course covered a wide range of topics relating to internal audit.

5
Member's Profile
Good content to help internal audit professionals adapt to changes

5
Anonymous Author
Great and thorough content. Presenter is excellent per usual.

5
Anonymous Author
valuable information. I can recommend this one honestly.

5
Anonymous Author
I enjoyed this course, and I found it very informative

5
Member's Profile
Reasonable issues what Internal auditor should know

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  Institute of Internal Auditors Update 20243:22
  Institute Of Internal Auditors Update12:45
INTRODUCTION AND OVERVIEW
  Introduction to The Future of Internal Audit5:56
  Challenges to the Traditional Audit Process13:22
  Emerging Risks18:59
  Emerging Risks Cont'd12:21
  COVID-19 Challenges20:04
  Suggested Actions12:11
  Addressing All Challenges19:52
  Addressing All Challenges Cont'd16:42
  Skills 15:41
  Technology8:16
CONTINUOUS PLAY
  The Future of Internal Audit2:23:34
SUPPORTING MATERIAL
  Slides: Institute Of Internal Auditors UpdatePDF
  Slides: The Future of Internal AuditPDF
  The Future of Internal Audit Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam