Transformation of Internal Audit with the Global Technology Wave

Abstract

Information technology (IT) in internal audit (IA) contributes to the improvement of auditing profession and reduces many negative aspects and perceived dysfunctionalities which the IA profession historically underwent. Technology reduces expectation gaps by using algorithms, methods, mechanisms and techniques which aid in upscaling the standard of IA to a larger extent. Electronic data processing has aided IA to reduce the possibilities of errors and filter the deliverables with more and more accuracy, transparency and value creating propositions. The endeavor behind this article is to envelop the various aspects in driving IA with the help of technology for its advancement, modernization and hence, create a gravitas in marvelous and magnificent performance of IA as a central kinetic corporate engine.