Future-Ready Assurance: Why Internal Audit Competency Matters
In a world of accelerating risk — from AI and cybersecurity to ESG and regulatory shifts — the strength of your internal audit function depends on more than independence. It depends on the skills and adaptability of its people.
As an audit committee member, your oversight role includes ensuring the internal audit function is not only independent and objective, but also competent and future-ready. A skilled internal audit team enhances resilience, sharpens governance, and helps the board stay ahead of emerging risks. An organization needs a competent internal audit team; this is no longer optional — it’s imperative.
In addition to data analysis, chief audit executives (CAEs) want to focus training on cybersecurity, IT, and communication skills — all critical to navigating today’s complex risk environment. As audit committees take on broader oversight responsibilities, you should feel confident that your CAE is not only technically proficient, but also investing in the development of skills across the audit team.
The IIA’s Internal Auditing Competency FrameworkTM is a tool that aligns to the Global Internal Audit StandardsTM and helps chief audit executives (CAEs) and internal audit leaders assess team capabilities, identify gaps, and align talent with the organization’s strategic priorities. When used effectively, it supports smarter hiring, targeted training, and continuous learning — all of which are essential to delivering high-quality assurance and insight and building a resilient, future-ready audit team. Zameer Shaikh, CAE at Accenture, says, “The [Framework] helps create alignment on the internal audit function’s skill requirements, as well as the associated resources and budget implications” in discussions with chief financial officers and audit committees. Read more at Six Ways the Internal Auditing Competency FrameworkTM Supports Success.