Welcome!

CMS Authors: Harry Trott, Xenia von Wedel, Carmen Gonzalez, Shelly Palmer, PR.com Newswire

News Feed Item

Social Media and Cloud Computing Top Internal Auditors' Technology Hot List, According to New Protiviti Research

2012 Internal Audit Capabilities and Needs Survey focuses on technology skills

MENLO PARK, Calif., March 20, 2012 /PRNewswire/ -- Increasingly, internal audit professionals must possess a strong understanding of hot areas of technology such as cloud computing and social media – and the risks they bring – in order to perform their jobs at a high level, according to a new study from Protiviti (www.protiviti.com), a global consulting firm. However, many internal auditors say their technology IQ could be improved a few points, both in understanding new technologies and employing technology-enabled auditing processes.

(Logo: http://photos.prnewswire.com/prnh/20090115/AQTH541LOGO)

With a focus on technology, the sixth edition of Protiviti's Internal Audit Capabilities and Needs Survey (www.protiviti.com/IAsurvey) assesses internal auditors' skills and knowledge, and identified those competencies most in need of improvement. More than 800 internal audit professionals from around the world participated in the survey. 

"Technological advancements in virtually every organization are creating new challenges and opportunities for internal audit professionals," said Brian Christensen, Protiviti executive vice president and head of global internal audit for the firm. "Not only must internal auditors enhance their knowledge and understanding of new technologies and how they support the business, but they also must leverage these technologies to perform their jobs more effectively."

Key Findings of the 2012 Survey
When it comes to general technical knowledge, internal auditors rank social media applications and cloud-based computing as their number one and two business priorities and the areas where their skills are most in need of improvement, according to survey results. These findings are a change from one year ago when IFRS and GTAG 13 (Global Technology Audit Guide) – Fraud Prevention and Detection in an Automated World – topped the same list. "Unlike some other areas of technology, social media and cloud-based applications are often used across an entire organization and that creates new enterprise-wide risks," Christensen said. "As usage continues to grow, the internal audit function – in partnership with executive management – is being challenged to identify, assess, monitor and mitigate these new and emerging risks appropriately."

Other key findings include:

  • There is significant potential for improvement via technology-enabled audit. One in three organizations does not utilize software applications to administrate its audit processes. Among those that do, 27 percent use only basic word processing or spreadsheets (more than any other tools). Of those that do not, just one in four plan to implement such a tool within the next 12 months.
  • In looking at the use of technology in auditing business process controls, respondents ranked "IT asset management" as a top area for improvement. "Internal audit's role in auditing and testing controls related to policies for technology tools and devices is critical to managing the associated risks," Christensen said. "There's significant cost associated with IT assets. Even a relatively small percentage of 'loss' in terms of hardware or data could result in significant financial losses and, in the event of a security or data breach, potentially devastating effects in terms of regulatory noncompliance and reputation loss."
  • A surprisingly large number of organizations (60 percent) do not leverage data analysis or technology-enabled audits to prevent fraud. However, more than half of all organizations use these processes to detect, monitor and investigate fraud.
  • Consistent with findings from previous years of the study, survey respondents said the audit process they most need to brush up on is the use of continuous auditing and computer-assisted auditing tools (CAATs).
  • In terms of soft skills, survey respondents said their top priority is becoming better at networking, including developing outside contacts. This is an indicator of the value internal audit executives and professionals see not only in developing best practices, but also in learning from other high-performing organizations.

 

The Internal Audit Capabilities and Needs Survey was conducted through in-person and online surveys in the fall of 2011. The survey included nearly 200 questions in three categories from past surveys – General Technical Knowledge, Audit Process Knowledge, and Personal Skills and Capabilities – as well as a new section, Technology and the Audit Process. Participants included chief audit executives, internal audit directors, managers, and staff from publicly traded, private, government, educational and nonprofit organizations. To download a complimentary copy of the survey report, visit: www.protiviti.com/IAsurvey.

Webinar and Podcast to Explore Results Further
Protiviti's Christensen – along with Managing Directors Bob Hirth and David Brand – and guest speaker Robyn Arnell, vice president and chief audit executive, of Starwood Hotels and Resorts Worldwide, Inc., will reveal other key findings and explore survey trends and historical data during a complimentary 90-minute webinar on March 27 at 11:00 am PDT. To register for "Internal Audit Capabilities & Needs: Where Do You Rate?" please visit: www.protiviti.com/webinars.

Additionally, Protiviti has produced a podcast that offers Brian Christensen's analysis and commentary on the findings in the survey. Please visit www.protiviti.com/podcasts to listen or download the podcast.

About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit. Through its network of more than 70 offices in over 20 countries, Protiviti has served more than 35 percent of FORTUNE® 1000 and Global 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies.

Protiviti is a wholly owned subsidiary of Robert Half International Inc. (NYSE: RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index.

Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.

SOURCE Protiviti

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...