“For every hour spent by an outside auditor, internal audit staff spend 4 – 12 hours,” said Grant Thornton Advisory Services Partner Ethan Rojhani. He explained that testing itself typically accounts more than half of an internal auditor’s time. Yet, there is little business return on testing – and traditional testing examines only a sample that might not be statistically representative of the total transactions.
The growing shift to automation
That’s why so many internal auditors have begun automating control testing. In our survey during the IIA innovation session, 65% of respondents said that they were currently using, implementing or evaluating automation for use in the next 12 months.