Internal

audit ­—
Trusted and
disrupted
The vital role of internal audit in
building stakeholder trust

KPMG International
Introduction
Economic, political and social unrest, and a global climate crisis
have placed unprecedented disruption and pressures on organizations
looking to navigate a rapidly changing environment.

Shifting regulations, data as an asset, dynamic customer behavior and employee

expectations of continued flexibility in a more virtual workplace add to the headache.
In the face of these concerns, however, CEOs are confident in the growth prospects
of their companies and the global economy in general.*

The organizations that are expected to thrive are those with a clear (and bullish)
strategy for growth and who embrace digital transformation to drive agility, flexibility
and speed.

This way of thinking demands an internal audit (IA) function that can evolve as
fast as, and are aligned to, the evolving nature of their organization. Faced with
new business models and increasing complexity, IA should adapt to provide the
protection and value their organization requires.

Risk and regulatory functions are at the heart of successful transformation. Whether
you’re digitizing a single part of the organization, connecting the business around
your customers, or rethinking the entire business model, you need these functions
to assess what could go wrong, how to mitigate it, and how to create stakeholder
trust at every turn.

When you address risk and regulation in a disciplined way, through the eyes of all
stakeholders, it doesn’t hold you back — it gives you the freedom to go fast. You can
confidently create new technologies, markets, and customer experiences, because
you’ve built trust into your systems and processes; people want to do business
with, and work for, organizations they trust.

Building trust enhances enterprise value and secures stakeholders’ confidence.

It also fosters growth and innovation, can improve performance, and helps you
manage change.

To thrive in today’s complex business environments and keep pace with rapid
transformation in the digital era, you should have a dynamic approach to risk and
regulation.

The way we see it, trust is the ultimate business enabler, and your IA
function helps create it.

* Source: KPMG Global CEO survey 2021

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Executive summary
In 2019, KPMG published our latest insights into the challenges facing
organizations, and the impact this was having upon the IA function. The time
was defined by rapid changes in technology, shifting regulations, the emergence
of new risks, talent shortages and unprecedented changes in business models;
in short, business was going through significant disruption and looking to digital
transformation as the ultimate solution.

Sound familiar?

Fast forward to today’s fast-evolving market and digital transformation is no

longer a distant aspiration. It is the new reality, as companies face pressure
to grow, while also increasing agility, managing risk, and building resilience for
whatever tomorrow holds.

In this game, trust is the coveted ticket to play. When you earn the trust of
your stakeholders — from customers and regulators to employees, suppliers,
investors, and the communities where you operate — it gives you the
permission to innovate boldly, grow responsibly, and create a new future.

Organizations that have successfully navigated the challenges of recent times

are optimistic for the times ahead; our recent CEO outlook survey found leaders
optimistic about the growth prospects of their company and the global economy
in general. The challenge is expected to be in ensuring their culture adapts in
line with their operational goals.

Organizations have, as a result of sheer necessity,

made decisions faster, collaborated better, adopted
new technologies faster.

The challenge now is to sustain those improvements

over the long term. Defining a clear strategy for the
future of work will likely be critical, with a focus on
strengthening internal trust.
— Nhlamu Dlomu, Global Head of People, KPMG International

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CEOs in our 2021 outlook survey expect aggressive growth and are looking to expand their business and
organizations in any way they can, with a focus on strategic alliances, mergers and acquisitions, and an increasing
investment in digital technologies.

With this aggressive growth stance, and a determination to instill new levels of digital agility, IA will likley face new
cyber and data security challenges; their ability to meet the changing expectations of their executive team, audit
committee and business line managers should expect to be key to successful transformation.

While being tasked with working more efficiently, creating more value in less time, with potentially limited resources, IA
should skillfully balance its role of enabling change to drive business value with effective assessment of these new and
critical risks. As technology, data, and automation play an ever-greater role in the daily work of the IA function, the shape
of the audit workforce should evolve to integrate more tech-savvy audit professionals.

For IA leaders, it’s not just about evaluating risk management and controls processes that should involve more
technology; it’s about embracing many of those same technologies to enable better, smarter audits. Rising to these
demands requires new thinking, new skills and new capabilities. IA should expect to become more data enabled,
dynamic and driven than ever before.

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2022 Copyright
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owned by by one
one or
or more
more of
of the
the KPMG
KPMG International
International entities.
KPMG
KPMG International
International entities
entities provide
provide no
no services
services to
to clients.
clients. All
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entities.
rights reserved.
reserved.
4
The future Chief Audit
Executive (CAE) agenda
Leading organizations have developed an agenda to help deal with disruption across their IA functions. This agenda
includes the following six areas:

Stakeholder Strategy and value

engagement and trust management

Digital New ways

acceleration of working

Data, analytics Operating

and insights model agility

KPMG’s point of view on the future of IA provides organizations with ways to harness these six key areas effectively
to help propel the business forward.

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Stakeholder
engagement
and trust
As enterprises evolve, risk monitoring should be an ongoing process, working in lockstep with transformation
initiatives and receiving an appropriate level of attention. Organizations should go beyond reactive defense and
passive compliance to actively anticipate risks and opportunities, and detect system failures before it’s too late.

That’s how you inspire stakeholder trust and create a successful future that’s also sustainable.

Six elements of trust

To earn and sustain the trust of your stakeholders, embed trustworthiness throughout your business. KPMG Australia,
in conjunction with the University of Queensland Business School, identified six critical elements of trust:

The Trusted Imperative

Purpose and strategy
Clear purpose and strategy with trust- In most sectors, organizations
Products, services and Culture
operations
inducing core values that helps create have a real opportunity to define
Shared values, beliefs,
value for society and accommodates a different future through digital
Processes that help and norms that can
stakeholders’ interests
ensure stakeholder foster constructive transformation, and stakeholder
needs and expectations trust-inducing behavior trust is an indispensable
are met, legislation aligned with the
adhered to, and values Purpose organization’s purpose ingredient. At KPMG, we
upheld and understand how you feel about
strategy the opportunities and challenges
because we’ve met them in
tio d
op ces cts,
era an

our own transformation. We

Cu
ns
se rodu

ltu

know firsthand the importance

Embedding
re
rvi
P

of creating and retaining

stakeholder trust. Our business
trustworthiness depends on it.
Ability
Humanity
na nd ip
an

Meeting you wherever you are

nt
a rsh
Sy roc

Integrity
dp

me
ste es

on the journey, we combine

e
ad

ge
m ses

deep business, industry, and

Le
s

ma

technical knowledge to bake

Governance risk and regulatory discipline
and
structure into your digital transformation.
Systems and Leadership and
processes management So whether you’re optimizing a
Systems that Leaders who embody single function or connecting the
reinforce trustworthy the company values entire enterprise, you can inspire
behavior in line with and purpose, and
legal and regulatory hold themselves and stakeholder trust. As a leading
Governance and structure
context Formal organization with others to account for business enabler, trust is your
governance that sets clear roles and trustworthy conduct ticket to responsible growth,
accountability and provide discretion bold innovation, confident
within prudent oversight
decision-making, and sustainable
Source: “Trustworthy by design”, KPMG Australia and the University of Queensland Business School, 2019 advances in performance.
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Permeating all aspects of the agenda, the IA function should know, and fully
understand, the requirements of its top stakeholders — and invest the time
needed to foster a relationship of trust attuned to their needs.

Internal stakeholders are IA’s top priority, particularly the board/audit

committee and select executives and leaders.

IA should support these internal stakeholders and associates with

functions to help the organization better meet its obligations to
external stakeholders.

The critical attributes of a relationship of trust are ability, humanity,

and integrity. Trusted relationships can be built through demonstrating
IA’s relevance to each stakeholder and the organization as a whole.

Through developing relationships built on trust, IA can be influential in

executive conversations as a strategic risk adviser or problem solver.

Effective IA functions should routinely probe its internal

stakeholders on arising initiatives and changes in business
processes and offer relevant insights to further their risk
discussions.

As IA becomes aware of — and integrates themselves into —

these initiatives, they can serve as a trusted adviser, bringing the
right insights to planning discussions and providing consultative
support or real-time assurance.

To effectively act as a strategic risk adviser, or problem solver, IA

should commit the necessary resources to address ad hoc requests
by the business.

The audit plan should have built-in flexibility to take on

project work for these ad hoc requests.

IA resources are accessible to provide the right subject matter

knowledge for the risk topics added to the plan.

Metrics around involvement in change initiatives, ad hoc requests

and points of impact (i.e. improvements implemented as a result
of audit work) should be monitored as KPIs.

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Strategy and value
management
IA strategy should consider a mix of enhanced assurance, risk insights and business improvements — all
attuned to known stakeholder needs.

The audit plan should be a reflection of the initiatives arising from the organization’s overall business strategy.
Strategically important and future-focused emerging risks (digital transformation, cyber security, ESG programs, data
security) should be prioritized, as IA moves from being problem finders to also problem solvers. Data and technology
related risks specifically trend at the top of these emerging risks that IA functions are seeing rise in importance for
their organization and for IA involvement.

When considering risk areas to prioritize for its plan, IA should leverage the work of other assurance functions
wherever practical.

Which emerging risk is most impacting your organization?

Cyber and
data security
38%
Digital transformation
and large technology
changes
Supply chain Culture and
workforce disruption
20% ESG and emerging
17% compliance needs
15%
11%

Source: KPMG LLP webcast, “C-Suite Perspectives | Spotlight on CFOs and Internal Audit,” November 30, 2021

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IA metrics should demonstrate how the function delivers value through clearly presented details of the value
delivered through enhanced assurance, risk insights and business improvement.

Where is there most interest in use of KPIs to measure IA value?

Insights provided through audit efforts 29%

Business acumen and subject matter knowledge 22%

Continuous monitoring and auditing 21%

Team capabilities and skill sets 20%

IA approach
and techniques 8%
Source: KPMG LLP webcast, “C-Suite Perspectives | Spotlight on CFOs and Internal Audit,” November 30, 2021

As IA increases its role in these strategically important areas, conveying the insights provided through these
efforts is key to demonstrating that value.

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independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
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New ways
of working
To move into a more strategic, advisory role to management, IA departments should adapt the profile of the typical
candidate they hire. As the organization pushes forward with digital transformation, and new technologies are
adopted, hiring profiles should evolve to include a mix of strategic, behavioral, data utilization and technology
skills — alongside traditional IA skills.

While adapting the type of talent within the department, IA is also reconsidering the model and tools available to
execute on its agenda. This means offering more variation in working models with remote work and flexible hours.
This also means looking at emerging technologies that enable IA to approach activities differently, such as the use of
drones or automation to perform work in alternative ways.

What skills do you think are most important for an IA role?

43% 23% 15%

Business Technology Collaboration
knowledge and data and change
and acumen enabled management
delivery

7% 6% 6%
Innovation Talent Audit 101:
development and Effective
mentoring challenge

Source: KPMG LLP webcast, Chief Audit Executive | Economic Outlook for 2022, December 2, 2021

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 Critical thinking and problem-solving
skillsets, including enterprise acumen
and cultural and behavioral awareness,
should take priority over expected core
audit skill sets.

Proficiency around technology and

analytics should be sought as core
audit skill sets.

Reskilling existing team members,

bringing in new and temporary
auditors, and adjusting to remote
working should be key enablers.

Tasks should be performed through a

mix of core team members, rotational
(and temporary) employees, subject
matter professionals, strategic
sourcing, automation, and offshore/
nearshore capabilities.

Change drivers bring objective

knowledge and understanding of
functions across the organization,
with an ability to analyze threats and
opportunities to inform the strategic
direction of the business. They have
become a critical role for driving value
and overall business performance.

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Operating
model agility
The IA operating model should leverage a more agile and dynamic approach to respond to the organization’s changing
risk landscape and deliver on its value promise, to protect and enhance organizational value.

While the degree of agility at the audit engagement level varies depending on where the overall organization falls in
the Agile adoption continuum, Agile-inspired approaches are clearly maintaining their momentum in IA.

A recent KPMG survey found that 26 percent of IA functions had already adopted Agile-inspired or dynamic
approaches to internal auditing, while a further 45 percent are planning to introduce more Agile, and
data-driven concepts.

Source: KPMG LLP webcast, “C-Suite Perspectives | Spotlight on CFOs and Internal Audit,” November 30, 2021

To what extent is your IA function interested in, or adopting, a more dynamic approach?

Planning to introduce an Agile style 10%

Planning to introduce a more data-driven approach 16% 45%

Planning to introduce both Agile and data-driven approaches 19%

Already adopted at least a portion of this approach 26%

Sounds interesting, but haven’t planned for any changes yet 30%

Source: “Adapting to agile internal audit”, KPMG LLP, March 2021

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Data, analytics,
and insights
Use of data analytics continues to be a powerful tool for the IA function to assess risk and provide insights to assist
management decision-making on process improvements and the effectiveness of controls.

Enterprise data should be leveraged to provide real insight into the risks facing the organization,
with deep analytics leveraged to inform IA risk assessment, planning and monitoring.

Data analytics and technology should support broader audit coverage and continuous auditing by
offering visibility to trends across an entire population.

Data-driven risk assessments and data science should be utilized to enable smarter,
more informed business decisions.

What level of technology and analytics skills There is a clear

are you looking for an IA to have? trend that risk
assessment
is a reason of
None
investment for
Basic (Excel-based analytics) expanded use of
7% data analytics;
13%
already, 51%
of functions
are using some
Advanced degree of
16% (machine quantitative
learning, AI)
data inputs in
their process.
Moderate
(specialized 64% Source: “Evolving risk
assessment and internal
audit planning”, KPMG LLP,

analytic and December 2020

visualization
software)

Source: KPMG LLP webcast, Chief Audit Executive | Economic Outlook for 2022, December 2, 2021

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Digital
acceleration
For a majority of U.S. CEOs, the pandemic has meant an acceleration in digital
transformation by months or even years. ‘The move to digitization has accelerated
and the expected benefits will likely be permanent. There is no going back.

— Carl Carande, Vice Chair for Advisory, KPMG in the US

IA is finding itself in the midst of unprecedented digital acceleration and a need to digitize itself. A modern
technology architecture is the foundation of a digitized IA function.

The evolving CAE agenda clearly demonstrates the need for a truly digital IA process, grounded in intelligent
workflow, and including data-enabled risk assessment, process mining, and Agile-inspired audit execution.

A methodology that focuses and builds on quick wins is required — a common architectural reference model that
demonstrates critical components, including common off-the-shelf tools and technologies to support the needs of the
modern IA practice.

Those IA functions who have recognized the critical need for digitization are collaborating with the broader business
to leverage new cloud technologies already present within the organization, to accelerate the pace of change and fast-
track their ability to do more insightful and impactful work.

To fully harness digital acceleration and support the needs of the modern organization, IA should fully understand and
facilitate the evolving CAE agenda:

Understand the opportunities for digital enhancement of current IA processes

Discover tools and technology to meet new stakeholder expectations

Identify incremental changes in current processes to enhance IA delivery.

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Powered Enterprise |
Internal Audit
The power of insight-driven IA
Speed up auditing and reporting — and elevate trust with KPMG Powered Enterprise | Internal Audit

What if IA could be less reactive and more attuned to emerging risk?

Turn your IA into a problem-solving powerhouse.

Many IA functions are stuck finding issues after the fact. KPMG Powered Enterprise | Internal Audit (Powered Internal
Audit) can help your organization turn the focus away from manual tasks and towards new insights that identify how
your business can improve.

We bring our years of business and technology experience to help IA departments rethink how they define their
strategy, operate as a function, prioritize work, and use data, analytics and automation to provide value beyond
standard assurance.

By taking advantage of preconfigured, customizable tools, organizations can quickly build roadmaps toward
continuous, real-time auditing and concise, visualized reporting. And by using a future-focused approach, they
can build a program that is responsive to disruption, flexes with the overall business strategy, orchestrates talent
development, and becomes a trusted, integral part of leadership decision-making.

Expected benefits and outcomes

Impactful risk Shorter audit
management completion
contributions time
Clarity in
Faster report
findings and
creation times
action plans
Improved Improved
estimation of use of audit
impact resources

Are you ready to evolve? Learn more about the difference Powered Internal Audit can make at:
home.kpmg.com/poweredinternalaudit

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Accelerating IA
transformation
Having discussed how the CAE agenda is shaping the IA function of leading
organizations, the question most asked is how to make this a reality. Having
already established the increased complexity and demands placed upon IA,
the hardest part is often knowing where to start.

Below, KPMG offers our insight on the crucial steps required to start (or
continue) on the road to transformation. Based on our breadth of work
transforming IA functions across industries, and at varying stages in their
transformation journeys, the following are the common attributes shared by
organizations who have enjoyed success.

Establish a strategic vision for IA

To provide real-time value to the organization, IA should align its activities with
the organization’s vision. Get started by identifying the organization’s current
state and creating a vision for the function that meshes with the organization’s
path forward, key objectives, and business risks, taking into account any
uncertainty in its operating environment. Also consider assessing your current
state against the KPMG leading practices and maturity model to help determine
where investment would be most valuable.

Collaborate with other lines of defense

for synergies

As part of risk assessment and audit planning, consider how other lines of
defense are already aligned to aspects of the risk universe. Assess where IA
can collaborate and consult on active risk mitigation needs, as an alternative
to waiting until the risk is managed, to provide assurance support. This
collaboration could include seeking to leverage the same tools for increased
Governance, Risk, and Compliance (GRC) integration or coinvestment in new
digital capabilities.

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 Change the profile of delivery capabilities

Technology skills, especially data analytics, will likely become critical to future
audit work and are worth investing in. IA professionals should also bring a
deeper level of business know-how with a problem-solving mindset; they should
understand the elements of individual business processes and how each tie
back to the big picture, from a risk perspective, to address risks broadly across
the business. These are the skill sets IA leaders should look to develop through
training, retention protocols, reskilling, and rotational programs, and when filling
future openings.

Align data and technology needs

to IA’s assurance objectives

Embedding and curating data into the IA operating model is a required change,
but there are challenges to address. The volume of data needed for testing and
analysis within the data-driven audit function can become overwhelming and
the curation of data and insights developed by audit are complex. This highlights
the importance for a technology strategy for IA to bring the tools needed to
support objectives. Assessing enterprise technologies available is an important
step in building this strategy and considering how to tap into data and tools
already in place for the organization.

Think big while starting small,

focusing on a pilot concept

With a future-state vision set, transformation can occur incrementally, and

narrowing the scope to a single pilot area can help prove the value in investing
further. Select a single audit to expand the use of data analytics or introduce
Agile-inspired approaches. Or, focus on better leveraging a specific technology
to take advantage of its built-in capabilities. Even a refresh of reporting to be
more succinct and focused can enhance value and save time. No matter where
you are in your transformation journey, you should evaluate your investment
plan to help ensure you are able to reach your transformation goals.  

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Learn how KPMG practitioners
helped an organization transform
IA to establish trust
About the organization Project at a glance KPMG in the US brought a combination of
industry and audit knowledge across key
A leader in business market intelligence and technology Transform IA to strengthen geographies within the U.S., U.K., and European
stakeholder trust Union. This included an Agile and data-driven
Industry: Technology, media and telecommunications
and promote a more approach, to help the organization establish
Project: IA transformation and cosource meaningful risk dialogue. greater trust with its IA function through
enhanced visibility to risk and assurance.

KPMG in the US Successful

Challenges
initiatives outcomes

This leader in business market In March 2020, KPMG practitioners Working with KPMG in the US, this
intelligence and technology onboarded and immediately organization redefined the brand and
wanted to rebrand and transform embraced the culture and bespoke value of IA within the business.
its IA function. This transformation systems in place to help the
would help the organization better company work towards its goals to More meaningful dialogue about risk
understand the risks across transform IA. KPMG practitioners and risk responses; IA’s stakeholders
gained a stronger sense of trust with
its systems, processes, and helped:
the IA process.
procedures to better cover the
intricacies of its business through Restructure processes for IA and Clarity into the value IA provides in
enhanced assurance. senior leadership to transition to a new understanding risk and
communication and reporting strategy. how it should be managed.
While the company had an existing
program in place to audit its Use agile concepts, including scrum, More agility in ways of working
to connect with audit stakeholders and and meeting stakeholder needs by
internal operations, it wanted to manage projects more efficiently. streamlining internal practices.
bring more agility and innovation
into its approach. It wanted to Add technology, data analytics, and Improved audit insights through
work with a new global, co- new ways of working and learning concise, empirical data to help make
to help IA adapt its approach to the
sourced provider who brought decisions informed by data analytics
company’s culture. and visualization.
a balanced knowledge of the
standards, risks, and controls its Integration of the company’s small Improved transparency into audit
sector should adhere to, alongside in-house IA group with KPMG subject results through closer collaboration
innovative thinking and a problem- matter professionals to collaborate. with audit stakeholders, earlier
solving mindset. And it needed to communication and more impact-
Bring relevant, industry-specific solutions oriented and timely reporting.
embark upon this transformation using transparency, leading practices,
during the pandemic, in a fully and quality as cornerstones.
remote environment.

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Conclusion
CEOs are increasingly confident that the global economy is coming back
strong. This confidence has put leadership in an aggressive growth stance —
determined to expand their organizations in any way they can.

Investments in innovative technologies and processes are seen as enablers for

new levels of digital agility, driving organizations towards their intended growth.

While this confidence brings renewed optimism, it also brings significant

challenges to the IA function as they strive to keep pace with ever-changing and
increasingly complex stakeholder requirements.

Following the agenda of successful organizations and leveraging the lessons we

have learnt transforming audit functions across industries, you can take a step in
the right direction on your transformation journey.

To learn more about how KPMG can help,

visit home.kpmg/FutureofInternalAudit or
get in touch:

Deon Minnaar Rob Fisher

Global Head of Internal Audit Global Trusted Leader
and SOAS Leader KPMG in the US
KPMG International E: rpfisher@kpmg.com
E: deonminnaar@kpmg.com

Some or all of the services described herein may not be permissible for
KPMG audit clients and their affiliates or related entities.

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Publication name: Internal audit ­— Trusted and disrupted
Publication number: 137992-G
Publication date: April 2022