With a global pandemic upon us, organizations were faced with unprecedented uncertainty, and with a need to inculcate a rapid pace of change. While organizations were seeing this change – auditors were learning and implementing the changes to ensure efficient growth of the organization.
Let’s go through some of the trends and challenges that the auditors might witness in 2022:
- Audit Strategies will have to be changed, to ensure they seem relevant and useful. In the last 2 years, it was all about building resilience within the organizations. In 2022, it will be all about ensuring visible impact in the audit services – by taking on a dynamic approach to auditing – the focus will be on bringing short and collaborative resolutions. Therefore, internal auditors will look at building audit strategies that show the impact of audit and the value it can provide to any organization.
- The focus in 2022 will be more on ensuring compliance with regulations and procedures. While auditors will investigate the past and reflect on the present – it will be more about out-of-the-box thinking, with emphasis on the future, and implementing the changes and approaches in business.
- As newer risks emerge, 2022 will be all about efficiently managing the rapid and dramatic changes in the business lifecycle. Internal Auditors will have to plan and account for unaccounted risks, and the way to manage these risks, that are going to arrive through the year.
- Risk Management Frameworks to outline the risks, scope, criteria will have to be managed. Characterizing risk standards & models going ahead will require a more engaged and cooperative methodology. In the previous year, associations have connected with general medical care trained professionals and doctors to obviously comprehend wellbeing chances. The pandemic uncovered a few regions wherein associations need better cooperation, for example, understanding supply chains, strategic relations, and, as a rule, the effect of efficient failures of various enterprises, just as accessing various specialists in a wide scope of industries.
Are you ready to embrace the change? To know more about how auditors can assist you, reach out to TRC Pamco, one of the leading and experienced audit and consulting in the UAE.