AuditBoard Launches New Capabilities to Streamline Conformance With New IIA Global Standards
15 Julio 2024 - 8:00AM
Business Wire
Internal auditors can leverage powerful AI,
automation, and collaboration capabilities to meet the updated
Global Internal Audit Standards and drive audit transformation
IIA 2024 INTERNATIONAL CONFERENCE — AuditBoard, the
leading cloud-based platform transforming audit, risk, compliance,
and ESG management, today announced the launch of out-of-the-box
(OOTB) 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
(“Standards”) that go into effect January 9th, 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.
About AuditBoard
AuditBoard is the leading cloud-based platform transforming
audit, risk, compliance, and ESG compliance management. Nearly 50%
of the Fortune 500 leverage AuditBoard to move their businesses
forward with greater clarity and agility. AuditBoard is top-rated
by customers on G2, Capterra, and Gartner Peer Insights, and was
recently ranked for the fifth year in a row as one of the
fastest-growing technology companies in North America by Deloitte.
To learn more, visit: AuditBoard.com.
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Scott Garner press@auditboard.com