Equipping auditors for the future: Key takeaways from IIA 2024
The Institute of Internal Auditors (IIA) International Conference 2024, held from July 15 to July 17 at the Walter E. Washington Convention Center, was a landmark event that showcased the current landscape of internal auditing. This year's conference emphasized the integration of new technologies like artificial intelligence (AI) and innovative practices to enhance the effectiveness of audit professionals.
The conference covered a broad spectrum of topics aimed at preparing auditors for the future. Sessions touched on such aspects as embracing new technologies, implementing advanced tools, and techniques to navigate the shifting landscapes of business and risk. These discussions underscored the importance of forward-looking information and leading practices in pursuing excellence in internal audit.
And while much of the conference focused on the future, some familiar topics were also discussed. These sessions featured talks around auditing culture, how integration with the first two lines of defense can enhance risk management, and strengthening stakeholder relationships. Discussions about upcoming changes to the IIA Standards and maintaining alignment with these standards were also prominent.
Another notable topic that emerged was how internal auditors could effectively address the challenges of implementing environmental, social and governance (ESG) criteria. Although the concept of ESG is not a new one, many organizations are still grappling with the best approach.
Among the compelling topics discussed at the IIA 2024 International Conference, AI stood out as a central theme. This focus reflects the growing recognition of AI's potential to revolutionize the field of audit and explored how AI can enhance efficiency, improve risk assessment capabilities and offer deeper insights into data analytics, thereby equipping auditors with the tools necessary to navigate an uncertain future.
Harnessing the power of AI for improved risk management
One of the standout sessions hosted by Diligent, "Harnessing the power of AI for improved risk management," featured speakers Mike Levy, CEO and Managing Principal of Cherry Hill Advisory and North American Board Member for the IIA, and Kunal Agrawal, Director of Customer Success at Diligent. The session, designed for internal audit leaders, delved into the necessity of integrating AI into risk management strategies to maintain a competitive edge.
The presentation reached full capacity, attracting a large audience eager to understand how AI technologies such as machine learning, natural language processing and predictive analytics can revolutionize risk identification, assessment and mitigation. Levy and Agrawal explored the transformative potential of AI, discussing its ability to provide audit teams with the necessary regulations for compliance and enhance their understanding of the risks and opportunities presented by AI.
They highlighted practical examples and real-world case studies demonstrating AI’s role in improving efficiency within teams by enhancing access to and utilization of both internal and external information. This includes leveraging AI to monitor external changes, such as policy shifts affecting supply chains, and to automate the updating of risk assessments and ratings through insights gathered from internal sources, like interviews with business leaders.
Through this engaging discussion, attendees gained actionable insights and best practices for leveraging AI to elevate their risk management programs, embarking on a journey towards a more agile, data-driven and resilient approach to handling emerging risks.
The way forward for internal audit teams
The discussions and sessions from the conference, particularly those focused on AI, underscored a collective commitment to innovation and excellence in the field. As professionals continue to navigate the complexities of modern business environments, the knowledge and strategies shared at the conference will undoubtedly play a pivotal role in shaping the future of internal auditing.
The journey towards integrating more advanced technologies and methodologies has just begun, and the insights gained from the IIA 2024 International Conference will undoubtedly inspire and propel the auditing community forward. As auditors embrace these changes, they are not only preparing to meet the challenges of tomorrow but are also paving the way for a new era of governance and oversight.
Explore how AI can transform internal audit and the rest of your governance and risk management strategies with Diligent AI.
