Taking stock of the internal audit profession

Must-have skills for 2020 Auditors

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There are quite a number of skills needed for Internal Auditors of the future due to the continuous automation and emerging technologies. 

Auditors will have to develop or improve their talent for tomorrow’s risks, technology, business processes, regulations, etc. because new risks and all other audit areas require new talent /skills.

Auditor’s roles in organizations are indispensable which calls for all audit professionals to reinvent their skills to stay relevant.

In this article, I have highlighted some of the capacities 2020 auditors will need to stay relevant in the field;

  • Expertise in auditing organization-wide functions that have an IT infrastructure that supports operations.
  • IT Risk assessment capability.
  • Expertise in auditing IT systems i.e. access management, data security, network security, data security, data management.
  • Expertise in the usage of data analytics tools and incorporating data analytics into audit methodology.
  • Knowledge of 3rd party IT dependencies e.g. SLAs, control systems provided by 3rd parties.
  • Knowledge and understanding of data protection regulations and align such regulations with the ability to coordinate business units and compliance teams to obtain inputs for audit processing to offer comprehensive audit coverage within the organization.

Last thoughts:

2020 auditors should be able to practice Agile auditing i.e. they should be able to communicate effectively while engaging management to mitigate risks as they emerge by setting priorities and determine appropriate timeframes required to address each finding as per the recommendations to the clients as they emerge, transform the Internal Audit Process’ features for process improvements, ensure team-based iterative planning, sprints (time-boxed work increments), daily stand-up meetings, continuous collaboration with stakeholders and iterative releases of audit findings.

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