Requirement Details
The 2024 Standards introduce a mandatory requirement for internal audit functions to develop and maintain a defined digital strategy supporting the evolution of their mission. This digital strategy must address data analytics capabilities, automation of audit procedures, artificial intelligence and machine learning applications, continuous auditing and monitoring approaches, and cybersecurity considerations. The strategy should align with the organization’s digital transformation initiatives while maintaining independence. It must include plans for upskilling audit staff in digital competencies, acquiring or developing necessary technology tools, and establishing data governance frameworks. The digital strategy should be reviewed annually and updated to reflect emerging technologies and changing risk landscapes. Progress against the digital strategy must be reported to the board as part of performance reporting.