AuditBoard, a cloud-based platform transforming audit, risk, compliance, and ESG management, has launched new of out-of-the-box, self-assessment tools that enable internal auditors to easily assess and streamline conformance with the new Institute of Internal Auditors (IIA) Global Internal Audit Standards that go into effect January 9, 2025. These new capabilities are immediately available within AuditBoard’s top-rated Audit Management Solution, which benefits from the powerful and proprietary AI capabilities of AuditBoard’s connected risk platform.
AuditBoard’s new OOTB IIA Standards Gap Assessment tool helps internal audit leaders streamline the assessment of their current practices against the new Standards and quickly take action to address conformance gaps. It distills the IIA Standards into a streamlined, easy-to-navigate checklist format and a summary report of findings, making the gap assessment process seamless and hassle-free. It also provides the ability to flag issues and gaps, and track them to resolution in a collaborative manner. Internal audit teams are now freed from having to manage their path to conformance in a spreadsheet, third-party tool, or manually.
AuditBoard’s connected risk platform helps internal auditors meet the robust documentation requirements and allows an increased focus on key areas outlined in the Standards, such as stakeholder management (Standard 11.1 – Building Relationships and Communicating with Stakeholders), resource planning (Standard 10.2 – Human Resources Management), performance measurement (Standard 12.2 – Performance Measurement), and strategic risk alignment (Standard 13.2 – Engagement Risk Assessment).
Available immediately in the Audit Management Solution, the release includes:
- IIA Standards Gap Assessment: An out-of-the-box self-assessment capability that enables internal audit teams to easily conduct internal gap assessments and collaboratively manage the work required to close identified gaps through resolution. This capability summarizes conformance efforts, provides visibility into the health of their internal audit function, and enhances the effectiveness of their Quality Assurance and Improvement Program.
- Cyber Audit Self-Assessment: An out-of-the-box assessment that helps auditors determine and drive conformance with the IIA Topical requirements for cybersecurity audits. The Cybersecurity Topical Requirement offers guidance for evaluating the design and implementation of cybersecurity governance, risk management, and control processes.
“To ensure the quality and effectiveness of their work, internal audit teams need to be able to quickly and easily track their adoption of The IIA’s updated Global Internal Audit Standards,” said Sarika Khanna, Chief Product Officer at AuditBoard. “The new self-assessment tools allow audit teams to maintain focus on their critical work while making sure their audit processes are aligned with these new guidelines, all without sacrificing efficiency.”
“AuditBoard is easy to use, and it is quick to set up an audit and has everything you need to start work. It enforces the workflow, which is a requirement when it comes to the Institute of Internal Audit Standards. That is a big benefit. In the audit world, you’re going to have auditors doing audit work, and then you need to have certain levels of leadership performing certain levels of review and approvals. That’s all inherently built into the system.” – Manufacturing company and a customer of AuditBoard as stated in the IDC Business Value White Paper, sponsored by AuditBoard, June 2024.
“The new IIA Standards really emphasize the importance of risk management, and we’ve found the capability to conduct and manage internal audit risk assessments very beneficial for aligning our audit plan and individual audits with the assessment results. This feature ensures that our audit projects address the most current and relevant risks facing our organization,” said Fred Friedel, Sr. Director of Internal Audit, InComm Payments.
To supplement the new product functionality, AuditBoard has published a library of thought leadership resources to guide internal auditors as they navigate the new Standards, including:
- Ebook: IIA Standards Roadmap: 6 Practical Tips to Elevate Your Audit Function
- On-demand Webinar: Understanding the New IIA Standards and Planning for Implementation Success
- On-demand Webinar: Front Line Perspectives on Adhering to The IIA’s New Global Internal Audit Standards
- Article: 6 Things Every Internal Auditor Should Know About the Proposed Standards
- Article: Internal Audit Strategic Planning: A Blueprint for Your Value Creation Roadmap
For more information on the self-assessment tools, visit the AuditBoard booth this week at the IIA 2024 International Conference in Washington, D.C., or visit AuditBoard.com.
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Tags: Auditing, Technology
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