As organizations continue to face the challenges of rapidly evolving business models, the complexity of regulatory requirements, and the adoption of disruptive technologies, internal audit service providers play a critical role in helping companies manage risk and focus on growth strategies.

Internal audit must find the opportunity to challenge the status quo to improve risk management, strengthen control mechanisms, and identify operational efficiencies and cost reductions throughout the organization. To add more value, it is key to consider the following ten emerging trends:

1. Intelligent automation

Intelligent automation is transforming the business world and has the power to exponentially increase the speed, range, quality, precision and operational efficiency of organizations.

2. Data analysis

Taking advantage of a large amount of data available, it is essential to ensure controls around its use and storage. Implementing a data governance is essential to maintain its confidentiality and help organizations turn that data into valuable information.

3. Technological transformation

Combining human talent, capital and business vision to adapt new technologies with agility is essential.

4. Consultation with a Third Party

To boost productivity and adapt to new business models, companies are increasingly turning to internal auditing firms to perform certain functions.

5. Prioritizing risk culture

Regulatory issues, corporate governance and risk management also need to be focused when planning an internal audit.

6. Corporate social responsibility

Today, more than ever, organizations operate in an interconnected and globalized environment. Therefore, it is essential to have robust processes for the disclosure and transparency of information, not only financial.

7. Cybersecurity

Faced with the increase in connectivity and constant evolution of technology, cybersecurity is today a fundamental aspect in organizations.

8. Legal and regulatory compliance

Based on the current dynamic environment, it is imperative to comply with the applicable regulatory framework to minimize financial, operational and reputational risks. Globally, greater emphasis is being placed on regulations related to fraud, cybersecurity, operations, product responsibility, competition, consumer protection, price control, and social and environmental responsibility.

9. Specialized knowledge

Auditing Services in India experts have complete knowledge about the latest changes in the business environment. The knowledge used nowadays for conducting a good audit will have to be improved and expanded with specific skill sets.

10. Demographics of the workforce

The transfer of knowledge and experience is essential to grow and survive in today's highly competitive work environment. With the new technologies incorporated into the work, those responsible for Human Resources will have to identify the new skills and competencies required in the future.

These are the major trends that are emerging and have to be considered when preparing for an internal audit in future.