{ "docId": "019dd923-5e88-73ef-bd58-1f499855b65e", "docSlug": "a4428eb0d1c11b31", "documentTitle": "Elevating internal audit’s role: The digitally fitfunction 2019 State of the Internal Audit Profession Study", "authorId": "PwC", "authorName": "PwC", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.775, "pageNumber": 5, "pageCount": 22, "prevPage": 4, "nextPage": 6, "slideType": "quote_slide", "function": "illustrate_case", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide is split into a white left column with text and an orange right column with a pull-quote.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd58-1f499855b65e/5", "deckHref": "/decks/019dd923-5e88-73ef-bd58-1f499855b65e", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd58-1f499855b65e.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd58-1f499855b65e#slide-5", "components": [ { "bbox": null, "kind": "callout", "text": "Internal audit functions can't help their organisations thrive digitally if they don't have a line of sight to the organisations' digital transformation strategies.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-3be7-728b-ac04-5c2fb856d878", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.42, "x": 0.05, "y": 0.33 }, "kind": "paragraph", "text": "Two other habits — actively engaging decision makers and collaborating and aligning to provide a consolidated view of risk — are also key elements of digital fitness. Engaging with stakeholders helps internal audit provide risk perspectives at the right times across digital initiatives. And, as the risk universe becomes more dynamic, all risk functions should push towards working from common risk information and providing a consolidated view of risks for stakeholders and the board.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "12cd5fb1-1e08-41fc-8b92-f06890401862", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.05, "y": 0.52 }, "kind": "paragraph", "text": "Here we focus on the remaining three habits — upskilling current staff and injecting new talent, finding the right fits for emerging technologies, and enabling the organisation to act on risks in real time — because those habits combine to give internal audit a dexterity for moving all six habits forward. Our lessons from Dynamics in those areas guide internal audit functions towards a baseline of digital fitness and the things they must do in order to advance.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3667693d-9285-48ab-9931-420df8b29559", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.42, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Our study analysed the behaviours that set Dynamics apart from those a step behind in their overall digital fitness. We identified six habits that Dynamics embrace to help their stakeholders become smarter risk takers throughout digital transformation (Figure 2). The first habit centres on going all-in on the organisation’s digital plan. Internal audit functions can’t help their organisations thrive digitally if they don’t have a line of sight to the organisations’ digital transformation strategies. So, Dynamics plug into strategy and keep the function in lockstep. CEO and board support helps them maintain alignment and advance the function’s digital fitness.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b70c6e7e-e9e7-49fe-869e-70e647b9d6bc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.41, "x": 0.54, "y": 0.42 }, "kind": "paragraph", "text": "Vanessa C. L. Chang, Member, Audit Committee, Edison International and Sykes Enterprises", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d1c937ee-eadf-474f-ae73-39560c7b0839", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.41, "x": 0.54, "y": 0.08 }, "kind": "quote", "text": "Internal audit has to have a seat at the table with management. As you build these out, you don’t want internal audit to come in afterwards and identify gaps in controls. They really need to be there right at the beginning. However, it’s one thing physically having a seat at the table but another having the credibility to be listened to.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fb26d482-ee3a-4edc-9276-3fb71e1b9644", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Internal audit has to have a seat at the table with management. As you build these out, you don't want internal audit to come in afterwards and identify gaps in controls. They really need to be there right at the beginning. However, it's one thing physically having a seat at the table but another having the credibility to be listened to. — Vanessa C. L. Chang, Member, Audit Committee, Edison International and Sykes Enterprises", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-3be7-728b-ac04-60f2b92b0f32", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.22, "x": 0.73, "y": 0.94 }, "kind": "source-note", "text": "2019 State of the Internal Audit Profession Study | 5", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1af68ba3-1b7d-4a3a-9704-5fe5d981158b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "from": 4, "beatId": "b951d22c-8f40-483d-ab28-773fe9dd146a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The document provides various data tables and testimonials to support the need for digital fitness", "position": 1, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 21, "from": 3, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "458e061c-0d1d-48b1-8066-03d31fb10721", "evidence": "The document uses the golden circle framework to structure the narrative", "position": 0, "objective": "To understand the importance of digital fitness and how to achieve it", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.6, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" }, { "to": 20, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "7449429c-4f3c-46e0-81d9-3da5af49890b", "evidence": "The document implies the costs of inaction through the use of testimonials and data tables", "position": 1, "objective": "To highlight the risks of not becoming digitally fit", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.5, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }