INCURSIONS INTO INTERNAL AUDIT AND ITS IMPORTANT ROLE WITHIN A COMPANY

Batae Oana-Marina
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Batae Oana-Marina: BUCHAREST ACADEMY OF ECONOMIC STUDIES

Annals - Economy Series, 2018, vol. 3, 210-219

Abstract: In every industry the innovation is fueled by technology advancement: smart medical devices and self-driving cars are only some examples from the machine learning which is continually developing nowadays. Drones are taking over new roles moving from delivering packages to performing physical stock counts of inventories and reaching even a role in saving lives by identifying exactly the places where disasters happen. Additionally, the big data analytics, cloud and also bots have a significant role in easing the activities carried out by larger companies all over the world, transforming the business processes into more efficient ones and more focused on the insight driven. As the technologies all over the world mature and the barriers to entry continue to fall, companies across industries are in course of immersing themselves in innovation. Hence, the emerging technologies evolve new and more complicated risk profiles and it was researched by PwC that the CEOs are all very aware of this new situation, through the PwC’s 21st Global CEO Survey. All risk professionals need to help their companies to ensure that the controls implemented are effective and the internal audit functions must help by proactively contributing to responsible innovation. Internal auditors have to be able to quickly assess and address the full impact of the technology advancement and the challenge of risk profiles, but in order to do it they need to keep on acquiring new skills and be up to date all the time.

Keywords: internal audit; Audit Committee; IIA Standards; independence; audit ethics (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2018:v:3:p:210-219

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