About the report
The aim of this report is to provide internal audit professionals with ideas, approaches, and practical tips to help support their organisations in navigating economic uncertainty. In today's dynamic economic landscape, characterised by ongoing volatility, the role of internal audit becomes increasingly vital.
This timely report explores three key themes: hindsight, insight and foresight of internal audit’s journey through the economic cycle. Firstly, the report examines the lessons learned from previous economic shocks and how this can influence internal audit’s response. Secondly, the report provides insight into internal audit’s present response to current economic uncertainty. Finally, the report investigates how internal audit can support their organisations on the journey as the economy recovers.
We conducted a quantitative survey of over one hundred internal audit professionals across all sectors of the UK and Ireland. In addition to the survey, we conducted qualitative research that involved five sectoral roundtables and six one-to-one interviews with internal audit professionals covering a range of sectors that make up GDP. This included the services sector (with separate roundtables for financial services and non-financial services), the construction sector, the manufacturing sector, and the public/third sector.
Fraud is on the rise: step up to the challenge
Avoiding the blind spot: Supporting financial stability and resilience
Deliver audit insights with macroeconomics