Gaps
Several factors could be responsible for the poor impressions some organizational
leaders have of internal audit. For example, legal and regulatory requirements,
the growing use of technology, and intensified profit pressures mean that internal
audit departments are being asked to do more with less. It is expected to mitigate
existing risks while also anticipating the needs of the organization in relation to the
changing environment it must operate in. Internal audit must respond to changes in
the organization’s strategic objectives and evolving external factors, which requires
it to understand more complicated risks as well as the complexity of identifying and
mitigating them within the constraints of the changing environment.