With organizations launching new products and services more rapidly, internal auditors can identify risks through quick, first-look audits.
The pace of change has intensified over the past several years, and that change can intensify risk exposures in a business. This means more areas likely need internal audit coverage, often with the same or fewer resources.
As businesses move faster, they implement systems more rapidly, develop and roll out new products or services quicker, and execute organizational changes more swiftly. Add more consultative requests and increased training on new technology to an already busy internal audit plan, and auditors can be overwhelmed.
One way internal audit departments can provide additional risk coverage of new areas is through exploratory audits. These audits enable practitioners to assess risk quickly and give stakeholders timely information when a new product or service is rolled out, if there is an unexpected system implementation or organizational change, or when there is an emerging risk.
