Innovation and evolving practices in internal audit

November 2023

As large, global companies become increasingly complex, internal audit functions are also changing. Audit chairs, charged with oversight of internal audit, must ensure that the function creates value, not only delivering formal assurance but also materially helping the audit committee carry out its work. In fall 2023, members of the European Audit Committee Leadership Network (EACLN) met with internal audit leaders to discuss good practices for internal audit teams as they adapt and innovate.

Three audit executives joined the discussion to share their perspectives: Antoine Duclaux, head of internal audit at Volvo; Virpi Vuorinen, chief audit executive at Nordea; and Damien O’Neill, head of risk management, internal controls, and audits at Bouygues. Other internal audit leaders from members’ companies provided perspectives during premeeting calls.

This ViewPoints covers key themes and good practices that emerged in the discussion at the meeting as well as in premeeting conversations:

  • Internal audit priorities evolve to meet the needs of modern companies and their complex risk environments
  • Internal audit teams are increasingly involved in environmental, social, and governance (ESG) matters
  • Advanced technologies drive changes in internal audit
  • Widespread talent challenges in internal audit call for innovative strategies