The increasingly complex nature of modern-day audits has made them challenging. Regulations and reporting requirements continuously evolve across operational, financial, and ESG areas. The risks associated with economic uncertainty, cybersecurity, and supply chain disruptions pose significant threats. As a result, change has become the only constant in this field.

Notably, audit teams have to keep up with the many details of auditing itself, while their purview expands to include greater collaborations with risk and compliance teams. Consequently, executive leadership increasingly seeks their perspective on organisational risk and what lies ahead.

Here, the role of internal controls in the auditing process cannot be overstated. They serve as a robust framework, empowering the risk and compliance teams to ensure financial statements’ accuracy, meet compliance requirements, and manage organisational risks effectively. Internal controls are the cornerstone of meeting the demands of the complex and ever-evolving business environment.