Businesses continue to contend with the unrelenting pressure of new and emerging risks. Even as the COVID-19 pandemic seems to be loosening its grip, geopolitical and economic instability, high inflation rates, regulatory changes, staffing challenges, and a potential recession on the horizon leave plenty for internal audit teams to worry about.

As you prepare for next year, take a look at Richard Chambers and AuditBoard’s 2022 Mid-Year Snapshot: Internal Audit Bracing for More Disruption report. Inside, you’ll find important insights from other internal audit leaders on the organizational risks they’re facing in the second half of 2022 and into 2023, how the profession is adapting and evolving to meet today’s challenges, and the areas that might need attention.

Some of the key takeaways from the report include:

• The internal audit profession has shown great resilience.
  • 86% are maintaining or increasing budgets this year compared with 2021.
• Strategies for attracting and retaining talent have shown mixed results.
  • Offering remote work (35%) and flexible working conditions (22%) proved most successful.
• Top risks and audit plans for 2023 may not be aligned.
  • When asked to name their top five risks for 2023 and top five audit plan focus areas, only one was prioritized in the same spot.
• Inconsistencies in the chain of command may hinder internal audit’s independence.
  • When asked who has the highest level of influence over internal audit’s budget, 52% indicated the administrative reporting line while 27% said the functional reporting line.

Download your free copy of the full report for a more detailed look at each of these areas and to compare your organization to the survey results.