Norman Marks and Jay R. Taylor have been practitioners and thought leaders in the internal auditing profession for many years. In this article, they bring their combined experience and perspectives, as well as the results of their very broad networking with other leaders around the globe, to assess the current state of internal auditing and share their views on where the practice should be heading. While both have senior positions within their organizations, and are very active within the IIA and ISACA, the views expressed are theirs and theirs alone.
In this article, Jay and Norman review high-level issues such as standard-setting and leadership of the profession, and where internal auditing should report. They then consider each major aspect of internal auditing (such as audit planning and risk assessment; performance of individual audits; staffing and resources; the use of technology; fraud and investigations; the quality of audit reporting and other communications; and value-add consulting and other services). The authors discuss how internal auditing has improved and where opportunities for enhanced performance can be found in each area.