Internal Audit – Future Trends and Innovation and Emerging Scope for CMAs

Authors

  • L. Sriram Management Consultant, Chennai

DOI:

https://doi.org/10.33516/maj.v55i4.58-61p

Keywords:

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Abstract

Internal audit (IA) is moving towards evaluating Risk management, controls and governance. Companies Act, 2013 has also recognized CMA as one of the professional for conducting IA. Future of IA is in Big data analysis, Automated audit and assurance, Cyber security, Continuous risk assessments, Resource utilization audits and Intelligent automation and cloud computing. Trillions of data gathered over past years provide a huge opportunity for analysis for better decision making. ERPs provide for automated audits. Audit parameters are set in advance, which results in continuous analysis of the process and controls, and the exceptions are reported concurrently. Monitoring capacity utilization of men and machines brings out inefficiency. Board of directors today direct their attention more on strategies of production, process, marketing, operational and financial planning. CMAs are amalgamation of a finance professional with a knowledge of engineer. CMAs can analyse these data deeper and provide better insights to the management for better decision making.

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Published

2020-04-30

How to Cite

Sriram, L. (2020). Internal Audit – Future Trends and Innovation and Emerging Scope for CMAs. The Management Accountant Journal, 55(4), 58–61. https://doi.org/10.33516/maj.v55i4.58-61p

Issue

Section

Cover Story

References

The IIA’s International Professional Practices Framework (IPPF)- https://global.theiia.org

www.coso.org

www.icamai.org- Various Cost Audit Standards

www.icai.org – Internal audit industry specific guidance notes

Brian. W Nocco, Nationwide Insurance and Rene M.Stulz, Ohio State University-ERM Theory and Practice

Jaimie Yang and Drew Williams – July 26, 2018, Audit Bots. iaonline.theiia.org/2018/Pages/Audit-Bots.aspx

https://www.auditboard.com/blog/5-ways-robotics-process-automation-can-assist-internal-audit/

https://www.pwc.com/us/en/risk-assurance/publications/assets/pwc-robotics-process-automation-a-primer-for-internal-audit-professionals-october-2017.pdf

Sanjay Nambiar, VP & Head, AI&Automation Ecosystem, Wipro Limited, Bot as a service-Addressing control risks in hyper automation at scale. https://www.businesstoday.in/opinion/columns/hyper-automation-bot-service-addressing-control-risks-at-scale-digital-workers-organisations/story/381639.html

https://www2.deloitte.com/content/dam/Deloitte/us/Documents/public-sector/us-fed-audit-for-robotics.pdf

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