Wolters Kluwer - Enhancing Audit Technology Effectiveness - Key Insights from TeamMate’s 2014 Global Technology Survey
Posted: 1 July 2014 | Source: Wolters Kluwer
Survey Results Portray Audit Committee Reporting Practices, Provide Useful Benchmarking Data.
This year’s Internal Audit Technology Survey (IATS) focused on audit committee reporting to gain information and insights to help internal auditors around the world enhance their audit committee materials and reporting. In conducting the survey, we explored the formats, content and extent of current reporting practices to quantify the relative frequency of specific reporting practices and to surface promising ideas for broader internal audit consideration.
Survey results point to the use of automated reporting to strengthen audit committee materials. They also suggest the benefits to internal audit of providing trending data as opposed to periodic results alone and of conducting combined reporting activities with other risk-and-control functions. In addition, 2014 survey results suggest ways to expand the scope of risk information provided to audit committees, demonstrate how to report on internal audit quality and performance, and describe how internal audit functions are employing color and graphics to help audit committees prioritize their activities.
Above all, the 2014 survey results pertaining to audit committee reporting and internal audit trends provide readers with a useful benchmarking tool to see how their practices compare with those of other internal audit functions around the world. To increase the benchmarking value of the report, we have
included significantly more detail on the results than normal.