Digitization in internal auditing Audit Competence 2020
At this year's Audit Competence in Vienna, I had the opportunity to give a presentation on new possibilities for audit work through digitalisation. The aim was to illustrate that digitization offers chances to perform the functions of internal auditing better and more efficiently.
However, it is crucial that silo thinking is overcome. I often see customers using the Three Lines of Defense model, where each line does its work completely separately from the other lines. However, this can lead to duplication of controls, or even none at all, to similar ones being carried out differently and to a lack of comparability.
Coordination between the three lines of defence through an integrated platform can improve the quality of controls and provide a more solid basis for the conclusions drawn. This in no way means that the independence of the three lines will be abolished. It means much more that awareness is created that the database is the same for all three lines of defence.
A cooperation of the lines in extraction and analysis as well as in data processing and reporting can have many positive effects.
If you have any questions regarding this topic, please do not hesitate to contact me.