Future-Proofing Business: The Changing Landscape of Internal Audit

Suhaily Shahimi (), Mohd Haniff Zainuldin () and Elaine Yen Nee Oon ()
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Suhaily Shahimi: Universiti Malaya
Mohd Haniff Zainuldin: Universiti Malaya
Elaine Yen Nee Oon: Universiti Malaya

Chapter Chapter 11 in Future of Business in Asia, 2025, pp 193-212 from Springer

Abstract: Abstract Internal audit plays an increasingly critical role in ensuring business success, as its focus has shifted from compliance to a more strategic and advisory function (Lenz and Jeppesen, EDPACS, 2022). With the growing complexity of modern organisations, internal auditors are expected to leverage technology, data analytics, and a proactive approach to help manage emerging risks such as environmental, social, and governance (ESG) issues, enhance processes, and support strategic objectives. The ABC model, proposed by (Lenz and Hoos, Build Consult EDPACS, 2023), advocates that internal auditors should expand their traditional roles of ‘Assure’ and ‘Consult’ to also include a ‘Build’ function. By doing so, auditors can actively engage in organisational projects, contributing to the architectural aspects of business operations and addressing the complexities of today’s environment. This expanded role allows internal auditors to create value by aligning their efforts with crucial areas like ESG strategy, IT governance, and risk mitigation. The model emphasises that integrating the ‘Assure,’ ‘Build’, and ‘Consult’ functions will enable auditors to provide a more comprehensive and forward-looking approach to ESG and other strategic challenges. This chapter aims to substantiate the ABC model’s relevance for enhancing auditors’ involvement in ESG management, offering a robust framework for addressing ESG goals and risks effectively.

Keywords: Internal audit; ABC model; ESG; Future-proofing business; Risk management (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/978-3-031-95940-0_11

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