Internal auditors have been calling out enterprise risks for several years, but it has only been within the last couple of years that the profession has begun its own journey of transformation to next-generation internal audit governance, methodologies and enabling technology. According to Protiviti’s 2019 Internal Audit Capabilities and Needs Survey, only about a third of respondents indicated that their IA organizations have fully embraced an innovation agenda, and only 4% have made innovation a core value.

This article reflects on the true meaning of audit innovation, helping internal audit grasp the scope and speed of change in the global marketplace today.