The new BDO Report: The Internal Audit and Risk Agenda 2024 considers some of the hot topics that internal auditors will be considering in terms of the latest governance and risk areas facing growing businesses. The areas covered will also resonate with Audit and Risk Committee Chairs and members, providing a useful aid memoire of the topics that should be on their agenda for the coming year.
2024 looks to be another year of permacrisis with significant geopolitical disruption continuing. Most of the world’s major economies are undergoing elections in the coming year and the conflicts in the Ukraine and the Middle East continue to impact the global economy. Organisations that are only just beginning to recover from the disruption of two to three years of pandemic face further uncertainty in respect of inflation, interest rates, energy supply costs and talent shortages.
The world is constantly changing and evolving and so an ever-increasing array of challenges will also need to be managed. So how do internal auditors help their organisations ‘realise’ their potential?
Recent announcements have come from the FRC on the updates to the UK Corporate Governance code. It puts the role of Internal Audit as the ‘eyes and ears’ of an organisation in the spotlight once again – where the function will play a critical role providing insight into culture, effectiveness of risk management and controls. Internal Audit is in the privileged position to operate holistically across an organisation and therefore will support Management and the Board in identifying and the ongoing monitoring of those material controls.
This timely document sets out some of the key challenges on the horizon that Internal Audit (and Audit and Risk Committees) should be considering when thinking about the wider assurance footprint relevant for their organisations.
To download the full report, click on the link above.