Be the best audit you can be!
Welcome to the second in a series of articles about Agile@ Adept where we will share some of our experiences and thought leadership in this space.
As mentioned in our first article, we are frequently told: “Agile is only for IT”. At Adept we believe Agile is for everyone and that it can be applied anywhere. In this article, we will focus on Internal Audit and how Agile can make a difference.
Internal Audit is continually requested to provide more value to the businesses they review. Ever-increasingly Internal Audit is being challenged to:
- Deliver value more rapidly
- Create a flexible mindset that adjusts based on business priorities
- Provide higher quality findings
- Collaborate with business in a way that most efficiently uses resources to achieve results
We have seen that applying Agile in Internal Audit can address these challenges and have a positive impact on efficiency and stakeholder satisfaction. And that’s because it advocates flexible planning and early, rapid delivery as well as continual improvement and collaboration. Agile audit approaches are flexible and allow broader coverage than traditional approaches.
When applying Agile in Internal Audit, audit plans are replaced with lists of tasks prioritised with business and fieldwork, review and reporting is time-boxed. The work for each time-box is planned with business considering the work completed previously, resource capacity, the items on the backlog as well as any feedback from the business on completed work or changes impacting prioritisation.
Agile audit approaches ensure collaboration
Agile audit approaches ensure collaboration and co-ownership of audit objectives between audit and business. They provide the ability to generate audit findings and clarify understandings earlier and thereby support collaborative audit report drafting with enriched insights and valuable findings. Additionally, they give visibility of audit activities across the business and facilitate better use of budgets with early, continuous delivery.