Page 28 - Internal Auditor Middle East - December 2017

TO COMMENT on the article,
EMAIL the author at sami.abuzineh@gmail.com Future

Think outside the traditional box
Due to the differences in business
environments and more reliance on
artificial intelligence and speed of
decision-making, the independence
of internal auditing may be one of the
obstacles that keep internal audit away
from the decision-making process.
Advising senior management may be
the biggest role in the future that relies
on speed of decision-making, analysis
of major data, and self-decision making
by technical systems, and there may be
significant development in networking
between companies, banks and different
governments and competition may
depend on who has more information, all
this requires the internal audit to think
differently outside the traditional box and
think in a way that will sustain business.
Change of Business Models

Perhaps the biggest challenge for
internal audit is to change corporate
business models. In the future, we may
see automated systems that have the
ability to make decisions that affect the
business model adopted by the company,
and we are likely to see a different
risk management culture than what is
commonly adopted, and the culture of
acceptance of risk may become more
common than the current in the light of
intense competition and an environment
of rapid decision-making. This challenge environment makes it difficult to define communication methods from what
requires internal audit to keep abreast of the universe and the scope of audit, and is currently known, most of which
developments and develop the profession the current risk assessment method may rely only on reporting. This challenge
in line with advanced business models. need to be developed, as the accelerated requires auditors to have sophisticated
developments of the future business communication skills and methods
Availability of Competencies and Skills
environment may render the emerging based on fast access to results and rapid
A technology-based future requires and strategic risks on which the process of reporting.
skills that depend on technology building the internal audit plan relies. In the end, the Institute of Internal
and professionalism. Engineers and Reliance on Automated Systems Auditors must take such challenges into
programmers may be the majority of account to develop the internal audit
internal auditors. Data analysis skills and The lack of intervention by the human profession so as to ensure the sustainability
industrial behavior analysis skills are a factor in the event that technology controls of the profession and to reserve a suitable
prerequisite for future auditors. These the business of companies in the future place in the future, especially that there are
changes may make the selection of internal may make the factor of judgment and many professions and jobs will disappear
auditors a challenge for internal audit diligence of the internal auditors more or change significantly in the future and I
departments that wish to employ qualified difficult. Will we see a robot internal think the internal audit profession will be
auditors. auditor in the future? This may be a one of these professions that will change
challenge in itself. and take a new shape that may be quite
Building an Internal Audit Plan
Communicate Audit Results different from the current one.
Building an internal audit plan is a key
challenge in the future. The complexity One of the challenges that internal audit Sami Abuzeina
of the technology-based business may face is the change of traditional

26 INTERNAL AUDITOR - MIDDLE EAST DECEMBER 2017