Internal Audits: Trends and Insights for 2024

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Regular audits are essential to a successful governance, risk, and compliance program. A strong internal audit program can help your organization identify ineffective controls or internal processes before an external audit.  

  • The top risk areas identified by chief audit executives are cybersecurity, IT, and compliance. (Source) 


  • Only 66% of organizations report that their audit departments properly share resources and communicate with other key stakeholders within the organization regarding risk assessment and data analytics. (Source) 


  • Internal audit budgets saw a decrease after the Covid pandemic changed the business landscape. (Source) 


  • At least 75% of internal audit teams lack an up-to-date audit technology solution. (Source) 


  • Despite the benefits of implementing and maintaining a modern audit technology solution, 62% report that transitioning from a manual audit process has been a challenge. (Source) 


  • Less than 30% regularly incorporate data analytics into internal audits.  (Source) 


  • Organizations can save up to $2.86 million by completing regular compliance audits, but only 37% of companies perform internal audits on an annual basis. (Source). 

Your Third-Party, Independent Audit Partner

If your organization is looking to improve your compliance program in 2024 and is ready to partner with an independent, third-party audit firm, Auditwerx can help. From SOC compliance to PCI DSS reports, and more, the experienced audit team at Auditwerx can support your organization’s compliance initiatives. Contact Auditwerx today. 

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