Over the span of 12 months, the Internal Audit Foundation embarked on a collaborative journey, interacting with internal auditors, stakeholders, and individuals external to the profession to create a comprehensive and integrated vision of the profession’s future.
The discoveries from the Vision 2035 project offer a distinctive viewpoint on the current state and future aspirations of the profession.
In the coming decade, the internal audit profession will undergo a major transformation driven by accelerating technological advancements, significant disruptive trends, and emerging risks.
This transformation will be characterized by changes in how organizations operate, the need to expand the profession’s talent pipeline, and an increase in the profession's capacity and credibility in the eyes of stakeholders to audit new and emerging risks.
Over half of survey respondents expect the role of an internal auditor to be substantially or very different by the year 2035.
In a future shaped by technological innovation and collective efforts to address global challenges, the role of internal auditors will evolve into that of strategic advisors.
The strategic advisor operates within an ecosystem of interconnected digital platforms, offering real-time advisory and assurance consultations through virtual and augmented reality environments. This visionary professional utilizes quantum computing and advanced analytics to provide robust, evidence-based assurance and forecast future organizational trends with unprecedented precision. Their holistic approach blends cutting-edge technology with deep risk and controls expertise, ensuring boards not only receive accurate and strategic advice and assurance, but also insightful and personalized guidance to thrive in an ever-changing world.
As the nature and scope of audits evolve alongside the emergence of new risks, internal audit's ability to enhance an organization’s capacity to create, protect, and sustain value must also adapt accordingly. By 2035, internal auditors across all levels, industries, and organization types will have the competencies and full support of stakeholders to navigate new risks and changing audit landscapes with confidence.
The internal audit profession faces exciting opportunities, many of which can assist it in overcoming current challenges. Some of these opportunities include:
There is an expectation from internal audit professionals and stakeholders that the amount of time spent on assurance services will decline from
Thus increasing advisory from
50% reported being misunderstood or undervalued represents the greatest challenge for the profession. Further, 45% indicated need for more support from leadership and stakeholders.
While over half of survey respondents think internal audit is viewed as compliance-focused and independent, 48% also think internal auditors are regarded as the organization’s police.
75% find that the chance to add value is the most exciting aspect of the internal audit profession.
Internal audit leaders share their thoughts on the future of the profession and the insights gained from Vision 2035.
To be future-ready, it will require collaboration among internal audit professionals at all levels, strong support from stakeholders, and a forward-thinking mindset.
The IIA is dedicated to advancing the profession globally and commits to leading the way to achieve Vision 2035 by:
For the profession as an indispensable part of good governance with regulators and other key stakeholder groups.
The profession through the IPPF Evolution, including the Global Internal Audit StandardsTM and enhancing visibility of the Certified Internal Auditor® credential.
Practitioners and stakeholders by offering world-class learning opportunities and events, as well as providing research and thought leadership publications.
With educators, students, and related academic organizations to increase awareness of the profession and its value proposition.
The Internal Audit Foundation thanks the following partners for their generous support:
Explore The IIA’s courses, webinars, training, and articles aligned with the findings of the Vision 2035 survey. Internal auditors can gain valuable CPE credits and upskill in critical areas for the future of the practice. Filter and browse to find the right resources & learning opportunities for you.
Online, OnDemand
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CPE Credits: 1
