Overview

Background

The ongoing COVID-19 situation presents a substantial challenge for business, Governments and the community. We are likely to see an impact over many months on many business stakeholders including citizens, employees, customers, suppliers and other stakeholders such as regulators. With COVID-19, Audit executives may — understandably — feel in uncharted territory. Their companies face multiple major new challenges, all at once. These challenges often compete with each other, and they all demand a rapid response. New risks are still arising and current ones evolve by the hour.

What does this mean for the Auditor General & Internal Audit?

In these challenging times, Internal Audit executives have an obligation and an opportunity: to help their companies manage the most critical risks that COVID-19 has either created or magnified and help ensure that organizations can maintain a strong system of internal control during this period of change and uncertainty. While business leaders juggle the dual imperative of crisis response and operational continuity, Internal Audit executives can help them weigh risks and opportunities to make essential business decisions.

Immediate actions

Ensure the continued safety and care of our team (including regular communication) Redirect our risk expertise to COVID-19 priorities Identify new delivery models and ways to add value and mobilize accordingly Proactively communicate with both management and audit committee stakeholders Connect with other Auditor General's, Audit Leaders, Chief Internal Auditor, and consider trends