In the current environment, however, internal audit needs to bring a “triple threat” to
risk mitigation. It must possess the skills to audit and mitigate risks and a thorough
knowledge of the specific industry (including competition, market volatilities, and
applicable regulations), while also being adept with the technology that can render
those skills and that knowledge more effective, strategic, and valuable.
Many internal audit departments today are strong in audit and financial controls but
not as strong in industry knowledge and even weaker in technology. Experience and
anecdotal evidence indicate that investments in technology are consistent markers of
highly effective internal audit departments. The best departments go beyond just using
the technology to finding the points where their people’s skills and knowledge intersect
with the technology. As a result, they offer unique business acumen that can solve
organizational problems.