22 BRAND & VISUAL IDENTITY GUIDELINES | IMAGERY
Applying the style (continued)
APPLYING THE STYLE FOR PRINT Professionally printed material should follow the imagery guidelines in this document, as well as the detail outlined in the Literature Guidelines. If your document is being professionally printed or primarily shared digitally you can use full bleed visuals on your cover and throughout the layout of your document. When applying full bleed visuals you must balance your document layout with white space.
In the next five years, ESG criteria will need to be embedded throughout the organization to work more synergistically with IA. ESG-specific regulations will be adopted in different jurisdictions and there will be more standardization across jurisdictions, as evidenced by the ISSB. We may also see a convergence in ESG frameworks and/or a continuation of current ESG regulation patterns. Internal auditors should equip themselves with the capabilities to use tech tools for analytics, coding for data extraction, climate scenario analysis and more. Through ESG, regulations are anticipated to grow in volume and complexity. Standards for reporting will continue to expand past financial-related information, presenting a new set of responsibilities, challenges, and opportunities for internal auditors. Ultimately, reporting integrity will be enhanced and internal auditors will act as catalysts for change.
ESG TOPICS
Environmental
Social X Community relations X Data privacy X Education and training X Employee compensation and benefits X Employee engagement
Governance X Anit-bribary and anti-corruption X Anti-fraud X Corporate board, structure X Data protection X Executive compensation policies X Regulatory compliance X Shareholder rights and engagement X Transparency, disclosure X Whistleblower policy
X Biodiversity X Climate change X Deforestation X Eneergy use X Extreme weather X GHG emissions
Internal Audit of the Future: Three Areas Defining the Profession in the Next Five Years
X Health and safety, product use X Health and safety, production
X Landfill X Oceans
X Human rights X Modern slavery X Opportunities for meaningful work X Union rights.
X Recycling X Soil health X Transportation X Water management
Source: International COSO guidance (copyright 2023) ‘Achieving Effective Internal Control over Sustainability Reporting (ICSR): Building Trust and Confidence through the COSO Internal Control—Integrated Framework’
Conclusion
A SPECIAL REPORT FROM BDO RISK ADVISORY SERVICES LEADERS THROUGHOUT THE WORLD
INTERNAL AUDIT OF THE FUTURE
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Organizations will need to stay abreast of these emerging trends, risks, and regulatory changes as they face increased scrutiny from stakeholders — and will increasingly rely on internal auditors to navigate through them. Internal auditors should prepare to expand their role beyond assurance and compliance to serve as dynamic advisors and strategic partners to their organization. The profession will require continuous development of technical experience in data analytics, machine learning, cybersecurity, VR/AR, and AI as well as soft skills such as interpersonal communication, agility, and the ability to work cross-functionally across departments. IA will work more closely with other risk assurance functions, external auditors and those responsible for corporate governance to document and assess controls, and ultimately provide additional comfort. For this to work, internal auditors will need to grow accustomed to greater flexibility, which will place more responsibility on organization boards to seek assurance from IA on audit reform, market and regulatory demands and unforeseen challenges. The internal auditor of the future will need to continuously adapt and evolve in order to effectively perform their role and help their organization navigate risks in a rapidly changing business landscape. This shift will require auditors to take a giant leap outside their comfort zone as they become the advisors of choice for their organizations.
There will be a greater emphasis on adding value to businesses by providing insights and recommendations beyond the traditional audit scope. Internal auditors will need to be agile and adaptable to changing business environments. BRÍAN GARTLAN Risk Advisory Services Partner, BDO Ireland The world is changing every day, and this has an impact on business and related risks. Internal auditors will need to stay informed, embrace technology, focus on value addition, and continue to develop themselves. CHARLES TUNGWARARA Head of Business Process & Sustainability, BDO UAE
INTERNAL AUDIT OF THE FUTURE
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