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Throughout the COVID-19 period, businesses have been fighting to maintain viability, enabling remote processing and working (often requiring control concessions) and largely been focused on external threats. Having moved to the Resilience phase of the COVID-19 response, only now are Internal Audit (IA) teams learning to cope with providing assurance during the Recovery phase and the expectations of the “New Normal”. We have identified three Growing Risk Factors as well as some Key IA Planning Considerations in the New Normal that should be included in IA risk assessment and audit planning.

In the second part of this thought leadership paper, we are discussing potential changes required to the Internal Audit approach in the New Normal as well as possible broader implications to IA Governance, Competences and Systems.

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