Join this webinar for an introduction to the Touchstone Research for Internal Audit, an unprecedented, global research of internal audit, from Wolters Kluwer TeamMate. This session will review study approach and scope, key initial findings, a look at benchmarking, and a preview of future insights. Find out what nearly 1,000 internal audit and controls professionals have to say across about the current and future state of internal audit.
Learning Objectives:
Learn the objective of the Touchstone Research for Internal Audit
Understand how the Touchstone Maturity Model can benefit Internal Audit teams
Learn why the Touchstone Research Benchmarks for Internal Audit can be a planning tool
Business Model Canvas (BMC)- A new venture concept
Touchstone Research for Internal Audit 2020 – A Look at the Now and Tomorrow of Internal Audit
1. 5-10-2020
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Colleen Knuff
CPA, CIA, CISA, CRMA, NPDP
Senior Director, Product Management
Wolters Kluwer, TeamMate
Touchstone Research
for Internal Audit
Jonathan Pizarro
Lead Product Manager - Americas
Wolters Kluwer, TeamMate
About Jim Kaplan, CIA, CFE
President and Founder of AuditNet®,
the global resource for auditors
(available on iOS, Android and
Windows devices)
Auditor, Web Site Guru,
Internet for Auditors Pioneer
IIA Bradford Cadmus Memorial
Award Recipient
Local Government Auditor’s Lifetime
Award
Author of “The Auditor’s Guide to
Internet Resources” 2nd Edition
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About AuditNet® LLC
• AuditNet®, the global resource for auditors, serves the global audit
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Introductions
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Introduction
For 20 years, Colleen has served as a Product Leader for
TeamMate. She leads a global product team and is focused on
innovative solutions to real market problems with a heavy
emphasis on voice of customer and contextual design. Colleen
recently kicked off our Touchstone Research which to date has
provided rich insights into the current and future state of
internal audit from the voices of over 1,000 auditors in 120
countries.
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Colleen Knuff, CPA, CIA, CISA, CRMA, NPDP
Senior Director, Product Management, Wolters Kluwer TeamMate
Touchstone Research for Internal Audit
Introduction
Jonathan brings over 10 years of Enterprise Product
Management Experience and currently serves as a Lead
Product Manager within TeamMate. Jonathan is responsible
for ensuring the Americas client base is well represented
within our Product portfolio. He coordinates contextual design
interviews with customers, prospects and business partners to
confirm that upcoming features will provide maximum value.
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Jonathan Pizarro
Lead Product Manager | Wolters Kluwer TeamMate
Touchstone Research for Internal Audit
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The objective of the Touchstone Research
How the Touchstone Maturity Model can
benefit Internal Audit Teams
Why Touchstone Research Benchmarks can be
a planning tool
How the 4 Key Insights from Touchstone
Research impact Internal Audit Teams
Learning Objectives
Touchstone Research for Internal Audit 9
Touchstone Research Statistics
Kick off: Jan. 17, 2020 – still open
Critical mass by Feb. 28, 2020
> 1,000 responses
> 120 countries
Market mix: ~ 35% of respondents are not
clients
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Touchstone Research for Internal Audit
Global vs Regional: 120 Countries
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North
America
37%
LATAM
4%
Europe
13%Middle
East
7%
Africa
19%
Asia
Pacific
18%
ANZ
2%
20 13 18 22
47
336
163
8
27
12
26
76
8 21 28 34 34
14 18
48
28 19
7 5 4 5
22
185
72
5
1…
4 7
28
1 7 7 8 8 1 5
14 13
1
Global Americas
Touchstone Research for Internal Audit
Across Multiple Industries
At least 10 responses in each industry
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Touchstone Research for Internal Audit
Methodology Approach
Knowledge & Content
Risk Assessment
Scheduling
Time Tracking
Audit File Structure
Audit Report
Issue Tracking
Management Information Reporting
Data Analytics
Technology Implementation
Use of Technology
Staff Training
89 Questions across 13 Operational Components
Data-driven results
for more informed
Benchmarking
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Internal Audit Maturity Model
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“One size
never fits all.
One size fits
one. Period.”
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Other Methodology Maturity Models
Generalized
Difficult to access where you can/should improve
Difficult to pinpoint what is necessary to move up
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Maturity Definitions for Touchstone Research
Fact Collectors: Use a cyclical based audit approach which is very document focused, little attention to the IIA
Standards and low technology usage. No collaboration with the business.
Information/ File Managers: Use a cyclical based audit approach which is very document focused but
attention to workflow and evidence of review is more prevalent. Office technology in heavy use under a
prescribed process. Little collaboration with the business.
Business Advisors: Risk-based audit approach with attention to the IIA Standards. Purpose built tools and
workflows are used for consistency and efficiency. Some collaboration with the business.
Value Accelerators: Risk approach with emphasis on streamlining activities and collaboration with the
business. Purpose built tools which provide transparency and visualization of outcomes are important.
Trail Blazers: Dynamic risk assessment/ agile audit approach with emphasis on automating routine activities
and continuous collaboration with the business. Emphasis on sharing real-time insights with stakeholders and
visualization of outcomes are important.
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Select an area
of focus for
improvement.
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Touchstone Research Benchmarks
“Benchmarking provides an inventory of
creative changes that other companies
have already enacted.”
Touchstone Research – Internal Audit Benchmarks
Allows teams to ‘snap the line’ on current
status
Compare your maturity to your peers on
each operational component
Select the operational components where
change is required or desired
Use the benchmark as evidence when
requesting change support (headcount,
budget, tools, etc.)
Use the Maturity Model as a guide for
progress
Re-assess process in 12 to 18 months time
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Touchstone Research – Internal Audit Benchmarks
Four sets of benchmarks:
Full Results of Touchstone Research
Industry Peers
Geography (Major Territory) Peers
Audit Teams of Similar Size
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Touchstone Research – Internal Audit Benchmarks
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4 Key Insights
1. Time to Change the Game –
Methodology Updates Required
2. Audit Plans are Compliance Heavy
3. Audit Plans are Light on IT Risks
4. Third Party Risks Require Attention
25Touchstone Research for Internal Audit
Key Insight #1: Time to Change the Game
Global Response (N=1,010) Americas Response (N=452)
Yes, 50%
No, 50%
Global
Yes, 56%
No, 57%
Americas
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Key Insight #1: Time to Change the Game
25%
28%
12%
45%
24%
48%
27%
60%
64%
18%
20%
8%
11%
35%
31%
49%
15%
39%
15%
42%
9%
7%
52%
51%
66%
65%
40%
41%
39%
40%
37%
37%
31%
31%
29%
30%
29%
26%
24%
Continuous Risk Assessment
Agile Audit
Analytics as part of Every Audit
Advanced Analytics
Continuous Testing & Monitoring Plan
Process Mining to Understand Controls
Talent Mgt Strategy
Machine Learning Strategy
Robotics Process Automation Strategy
Staffing Uses Other Talent
Active Integrated Assurance
High Impact & Actionable Reporting
Have a Strategic Plan
Not Doing Executing Plan To Do
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Key Insight #1: Time to Change the Game
40%
41%
39%
40%
37%
37%
31%
31%
29%
30%
29%
26%
24%
34%
34%
14%
47%
31%
57%
34%
66%
66%
20%
25%
10%
14%
28%
23%
44%
15%
33%
11%
40%
8%
6%
56%
47%
62%
64%
38%
43%
42%
38%
36%
32%
26%
26%
28%
24%
28%
28%
22%
Continuous Risk Assessment
Agile Audit
Analytics as part of Every Audit
Advanced Analytics
Continuous Testing & Monitoring Plan
Process Mining to Understand Controls
Talent Mgt Strategy
Machine Learning Strategy
Robotics Process Automation Strategy
Staffing Uses Other Talent
Active Integrated Assurance
High Impact & Actionable Reporting
Have a Strategic Plan
Americas
Not Doing Executing Plan To Do
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Key Insight #2: Audit Plans are Compliance Heavy
Regulatory Compliance work scored as the highest focus area for Internal Audit
40% of Audit Plan time is dedicated to compliance activities 1
Staff backgrounds may influence focus
1 Backed up by The IIA North America Pulse Survey 2020 and the ECIIA Risk in Focus 2020 survey
29Touchstone Research for Internal Audit
Key Insight #2: Audit Plans are Compliance Heavy
1.5
2
2.5
3
3.5
4
1.5 2 2.5 3 3.5 4
Artificial Intelligence
Robotics/ RPA
Internet of Things
Mobile Channels
Social Media Governance
Cloud Solutions
Third Party Ecosystems Supply Chain
Cyber Vulnerabilities
Data Governance
Risk Culture
Strategic Workforce
Planning
Payment Platforms
Project Management
Regulatory Compliance
Business Continuity
IT Governance
Data Privacy
ImportancetotheOrganization
Internal Audit Focus
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Key Insight #3: Audit Plans are Light on IT
Most IT Risks are not adequately covered on the Audit Plan compared to
organizational importance
Staff backgrounds may influence focus
Internal Audit teams do not assess their digital skills or focus attention on digital/
IT skills when hiring
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Key Insight #3: Audit Plans are Light on IT
1.5
2
2.5
3
3.5
4
1.5 2 2.5 3 3.5 4
Artificial Intelligence
Robotics/ RPA
Internet of Things
Mobile Channels
Social Media Governance
Cloud Solutions
Third Party Ecosystems Supply Chain
Cyber Vulnerabilities
Data Governance
Risk Culture
Strategic Workforce
Planning
Payment Platforms
Project Management
Regulatory Compliance
Business Continuity
IT Governance
Data Privacy
Internal Audit Focus
ImportancetotheOrganization
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Key Insight #4: Third Party Risk Requires Attention
As organizations have felt the impact of COVID-19, 3rd Party Ecosystems, Supply
Chain Management and Cyber Vulnerabilities have increased in importance
Lack of ownership of 3rd Party Risk is cited as a key control weakness
Unique risk that is the headpin for other strategic risks:
IT Security
Supply Chain
Business Continuity
Data Privacy
Brand
…
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Key Insight #4: Third Party Risk Requires Attention
1.5
2
2.5
3
3.5
4
1.5 2 2.5 3 3.5 4
Cloud Solutions
Third Party Ecosystems Supply Chain
Cyber Vulnerabilities
Business Continuity
Internal Audit Focus
ImportancetotheOrganization
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Type your questions
into the chat to submit them.
Questions?
Visit www.TeamMateSolutions.com
for the latest in Internal Audit thought leadership and more.
Thank you!
https://www.surveymonkey.com/r/TM_Touchstone_Email
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