In an era of rapid technological disruptions, many professions face existential questions. Internal audit is no exception. With artificial intelligence reshaping business processes, some wonder whether internal audit will remain relevant, or become obsolete. ALSO READ: Internal Audit in Rwanda gaining ground, says Continental Body Chair The reality is that internal audit is essential, but its purpose must shift beyond compliance to serve as a strategic partner that actively enhances organizational value. The mission that defines internal audit Global audit standards define internal audit purpose as enhancing and protecting organizational value by providing risk-based and objective assurance, advice, and insights. ALSO READ: Internal Audit central to development, says Treasury chief Internal audit plays a vital role in strengthening key areas such as the achievement of organizational objectives, informed decision-making, reputation and stakeholder trust, as well as service to the public interest. Why independent assurance from internal audit matters Boards, regulators, investors and other organizations’ partners demand independent assurance—not from outsiders alone, but from an internal and independent function that understands the organization deeply. ALSO READ: Calls grow for Africa's internal auditors to adopt AI, emerging technologies Internal audit’s unique position offers unmatched visibility into governance and risk dynamics. Its direct engagement with senior leadership and participation in strategic forums allows internal audit contribution to be relevant. Internal audit’s integration within a particular organization enables it to provide insights tailored to the industry context. ALSO READ: Unlawful public expenditures fell by Rwf600 million in 2024 – Auditor General Independence ensures that internal audit’s assessments are comprehensive, specific, unbiased, and actionable. The rigorous path to internal audit assurance Delivering assurance is not a quick task, it is a disciplined process. This begins with a risk-based planning aligned to strategic priorities, followed by execution through data analysis, document reviews, and stakeholders’ engagements. Audit reports must be clear and impactful, and meaningful. Change in organizations operations and processes requires consistent follow-up on audit recommendations. ALSO READ: ‘Preventive audits’ could save billions of Rwandan francs lost in public projects The whole process requires considerable time and a significant allocation of audit resources. In some organizations, audits are conducted manually due to the absence of technological tools, making the process cumbersome. The adoption of Computer-Assisted Audit Techniques (CAATs), the use of artificial intelligence and advanced analytics are revolutionizing the process, enabling internal audit to work smarter, faster, and with greater precision. Internal audit as a strategic advisor Modern internal audit is more than a compliance checker—it is a strategic partner. Independence and expertise allow internal audit to provide foresight on emerging risks and offer advisory insights that influence strategic decision. Its position allows it to serve as a bridge between management, the board, regulators, and external auditors. As one executive put it: “Internal audit brings a fresh perspective—spotting operational blind spots that others miss amid the pressure of daily decisions.” Artificial intelligence amplifies this role, freeing internal audit from routine tasks so it can focus on what truly matters. Collaboration with other assurance providers Risk management today involves multiple layers. Management owns and manages risks. Risk and compliance teams set frameworks and monitor adherence. Internal audit provides independent assurance. External auditors evaluate organizations’ operations from an outside perspective. To avoid duplications, overlaps and confusion, organizations need a combined assurance framework—a holistic approach that integrates all assurance activities, breaks silos, and delivers a unified risk view. The future of internal audit Annual audits are no longer enough. Strategic decisions require real-time insights. Continuous auditing shifts internal audit from periodic reviews to ongoing evaluation of entire transaction populations, ensuring timely detection of risks and opportunities. The artificial intelligence era Artificial intelligence is not a threat; it is an opportunity. By embracing technology, internal audit can elevate its role from watchdog to strategic advisor, guiding organizations through uncertainty with confidence. To succeed, the board and management must position internal audit as a trusted partner at the strategy table and ensure that internal audit has the talent and skills needed for data-driven auditing. In addition, organizations should invest in technology tools to enable analytics and automation. Internal auditors, in turn, must rise above routine checks and align their strategy with organizational goals. Assurance services should really strengthen organizational governance, risk management, and internal controls. At the same time, advisory services, insights and foresights should enable organizations to stay proactive in a rapidly changing environment. The future belongs to those who adapt, innovate, and lead. Call to action If you’re an internal audit leader, ask yourself: is my team ready to move from compliance to strategic influence? The time to transform is now. The author is a chief audit executive and an audit committee member.
