Organisations and businesses in Qatar are under great pressure during these uncertain times off COVID-19 pandemic. But, effective prioritisation of activities during this time can support the business not just to survive, but in fact to emerge stronger, global consulting firm PwC has said in its latest paper ‘Internal Audit’s role in the response to COVID-19’ in supporting businesses in Qatar.
The study, which highlights strategic areas that IA functions should be considering during the pandemic, also reiterated that the involvement of internal audit corresponds perfectly with the function’s strengths; which include aligning with stakeholders’ values, taking a risk-based approach, having a flexible and dynamic Internal Audit Plan, and providing both assurance and consulting services.
PwC added that all businesses will be affected to varying degrees. Many will face challenges around working capital, workforce management and the supply chain. Internal Audit functions will need to navigate those challenges carefully to ensure they are focusing on what is going to be of the most value to the organisation.
Almost inevitably, there will be an impact on the annual audit plan, whether as a result of management being busy responding to COVID-19, the change in working practices with many working remotely, or travel restrictions where audits were planned in different locations.
The study reiterated that when reviewing the audit plan, organisations will need to consider validating their COVID-19 response activities, identify new COVID-19 risk areas and assess whether new audits should be included in any current or post crisis plans, assess the company’s planned audits, determine immediate and future risk priorities, and accelerate progress.
While most chief audit executives have an IA strategy in place with clear planned strategic initiatives and a list of internal projects they aim to run during the year, the main focus and priority is always on achieving the audit plan.
With many parts of the business busy responding to COVID-19, IA may find itself having more time to progress, or even plan and implement, such strategic initiatives. Companies may also hold virtual awareness sessions for management on relevant matters such as audit, governance, risk, compliance, the role they can play to help, and others. Organisations may also take the opportunity to assess the IA team’s current skill sets, identify gaps and develop plans to meet any training requirements, as well as upskilling and reskilling the team to emerge stronger.
Many training options are available online. Also consider seconding the team members into other parts of the organisation to focus on business processes that have increased in importance during COVID-19. For example, working capital, workforce management and supply chain management.
This will not only enhance the team’s skills and perspectives but will ensure Internal Audit is at the sharp end of the business response. Other areas businesses also need to consider include governance and methodology, technology, quality assurance improvement programme, and integration, PwC added.
