Agile Auditing 101 - What is agile auditing and what are the benefits of being agile?
In today’s constantly evolving business landscape, it’s crucial for auditors to be flexible and pivot to different tasks in order to keep up with business demands.
One way to keep up with demands is by implementing an agile audit methodology.
'Agile auditing' is a buzzword that has been thrown around a lot over the last two decades, but what does it actually mean and what are the benefits of being agile as an internal auditor?
What is agile auditing, and how do you do it?
Agile auditing is an alternative methodology to the traditional audit approach and is based on flexibility and continuous planning.
This more responsive approach allows internal audit teams to reassess and quickly adjust their plans to emerging risks and threats, and when combined with consistent stakeholder interaction, it creates accelerated and efficient internal audits.
The process is made quicker by breaking up large projects into shorter, easier to repeat phases known as ‘sprints’. The internal auditor has a fixed period of time (usually between 1 to 4 weeks) to plan what they need to do, undertake fieldwork, and review their findings before moving on to their next sprint.
After all the specified sprints are completed, the team will get together to report on their findings and wrap up their audit, before moving on to the next project.
So why would you use agile auditing?
If you’re already using the traditional “waterfall” internal audit method, the thought of changing style might raise concerns. However, there are a lot of benefits in changing to an agile methodology.
Due to the nature of agile auditing, more focus can be placed on analyzing what has been found when completing fieldwork. This allows for greater and timelier insight as there is no delay in waiting for the overall internal audit to be complete.
Agile audits are focused on values, rather than hitting pre-determined objectives. Put simply, an internal audit can produce better value if its aims are aligned with the overarching objectives of an organization. This is easier to achieve, through daily scrum meetings with teams and constant engagement with stakeholders.
Agile methodology can also lead to a more empowered team. With clear guidelines set by senior management, all members of the internal audit team can feel more empowered to make decisions.
An agile methodology enriches your internal audit team. From being more flexible to producing greater insights in reporting - being agile as an internal auditor is something that, ultimately, should be more common. It is the best way to keep up with new business demands, whilst retaining the same quality of internal auditing.
Agile Auditing Webinar On-Demand
Take a fresh look at the quick wins and long-term gains that agile auditing can bring. Our hosts will also look at moving through the agile process, from planning to communication, with a focus on collaboration and saving time. Take away a vision of how to bring better quality assurance to your organization through agile auditing. Gain 1 CPE credit throughout the session.Watch today