Innovation in internal audit

April 2023

As risk and regulatory environments grow more complex, internal audit (IA) plays an increasingly important role for large companies. IA teams look at a wide range of risks: long-term uncertainty, cybersecurity, technological advancements, and environmental, social, and governance (ESG), among others. Many teams are therefore examining how they conduct their work and maximize value to their companies, including through innovations in process, technology, and human capital.

On March 2, 2023, members of the Audit Committee Leadership Network (ACLN) convened to discuss how audit committees can effectively oversee and support IA teams as their role expands. Members met with audit executives Nadir Darrah, chief auditor at Citigroup; Marc Sabino, chief auditor – head of innovation at Citigroup; and Brandi Thomas, vice president, chief audit executive, and chief diversity officer at General Electric (GE) to explore this topic.

This ViewPoints covers several key themes and good practices that emerged during the meeting and in premeeting conversations:

  • Deploy innovation to respond to rapidly evolving risk environments and expanding IA portfolios
  • Utilize technology to allow IA teams to focus on higher-value work
  • Diversify human capital to help meet talent challenges and improve audit quality
  • Leverage the audit chair as a critical ally to IA