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AuditBoard Survey Finds Internal Audit Resources Misaligned With Key RisksAuditBoard, the leading cloud-based platform transforming audit, risk, and compliance management, today announced the release of its 2023 Focus on the Future report based on an annual survey of internal audit leaders across North America. The report reveals a lack of alignment between top risks facing businesses and the level of resources internal auditors are able to put toward those vulnerabilities. As with the 2022 Focus on the Future survey, the top 2023 risk cited by internal audit leaders is cyber and data security, with 83% of respondents ranking it as a primary concern. Rounding out the remainder of the top five risks are: their organization's ability to attract and retain quality talent (77%); macroeconomic conditions and geopolitical uncertainty (69%); supply chain, outsourcing, and reliance on third parties (65%); and regulatory changes (58%). However, the report reveals three key areas where substantial gaps exist between anticipated risk levels and planned audit effort: the ability to attract and retain top talent, with only 16% planning to dedicate substantial resources to address this risk; macroeconomic factors and geopolitical uncertainty (13% plan to dedicate substantial resources); and business model disruptions due to an evolving digital risk landscape (50% rate it a criticl risk, while 20% plan to dedicate substantial resources). Other key findings of the report include:
As risks continue to increase in scope, complexity, and velocity - along with the ever-present possibility of unanticipated and disruptive risk events on the horizon - a potential resource shortage could heavily impact teams in 2023. "Internal auditors are projecting an almost best-case scenario for resources in 2023 despite increasingly turbulent times," said Richard F. Chambers, AuditBoard Senior Internal Audit Advisor, who authored the report. "There are clear hints of greater demand on the internal audit function, and it will be critical for audit leaders to maximize resources, seek innovative ways to fulfill their objectives, and proactively monitor risks." To produce the 2023 Focus on the Future report, AuditBoard collected data from 188 respondents to an online survey conducted in September and October 2022. Respondents were CAEs and internal audit directors in organizations based primarily in North America, representing a diverse group of industries and internal audit department sizes. To see the full results of AuditBoard's 2023 Focus on the Future report, please visit AuditBoard.com. About AuditBoard AuditBoard is the leading cloud-based platform transforming audit, risk, and compliance management. More than 35% 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 fourth 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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