7 Proactive Approaches Internal Audit Can Take to Adapt to Economic Uncertainty

Navigating economic uncertainty is a formidable challenge that demands resilience and adaptability from internal audit professionals of all industries. The collapse of Silicon Valley Bank in the United States followed by the emergency takeover of Credit Suisse by UBS in Europe earlier this year are reminders that economic disruption is not going away anytime soon.

In a new joint Chartered Institute of Internal Auditors and AuditBoard report, Adapting to Economic Uncertainty: Internal Audit’s Journey, we explore the valuable insights auditors have drawn from past economic shocks to transform their approach to safeguard organisations in an ever-changing landscape.

Download the full report, watch the video interview below with Richard Chambers (AuditBoard), Carolyn Clarke (Chartered IIA), and Siebrand Wolberink (Deliveroo), and continue reading to learn proactive approaches auditors can adopt to help their businesses thrive in times of uncertainty.

Resilience in Times of Crisis: How has the Past Shaped the Present?

Embracing concise one-page audit reports and memo audit communications has become crucial to effectively navigate this terrain, and these streamlined approaches must also be integrated into long-term audit plans. Additionally, it is paramount for internal auditors to grasp the organisation’s vital inputs and their vulnerability to economic volatility. By understanding these critical factors, auditors can better anticipate and address the potential risks posed by economic fluctuations, ensuring the organisation’s resilience and success in uncertain times. The following are some proactive approaches for auditors to consider adopting to bolster their organisations’ resilience against future economic shocks: