Grant Thornton LLP’s fourth annual survey of more than 400 chief audit executives from U.S. organizations finds that they are facing the realities of a greater compliance burden.
With limited internal audit resources, compliance requirements often take top priority. If internal audit departments are utilizing a disproportionate amount of resources on compliance activities, there could be significant lost opportunities for value-add governance, operational, strategic and IT audits. In this survey report, we examine numerous ways where CAEs can gain efficiency and maximize internal audit value to make room for ever-increasing regulatory requirements.
"The solution is not to leave compliance behind as an unchosen option in the place of focusing on strategic and/or operational areas — but instead to understand how CAEs can leverage compliance activities to add value."
— Warren Stippich, Partner and National Governance, Risk and Compliance Practice Leader
Industry cuts of the survey:
Financial servicesOur featured findings center around these areas:
This year’s survey showed a clear evolution. Less budget for value-added activities due to expanding regulatory requirements means CAEs have additional pressure to work harder and smarter to keep their internal audit organizations moving ahead.
The rising tide of regulation and compliance is here to stay. CAEs have an opportunity to overcome challenges by developing the right mix of tools and efficiency strategies for their businesses to move ahead strongly.
Download the survey report.
About the survey