Risk management was analyzed in a recent report by AuditBoard. According to the report, the top 2024 risk cited by internal audit leaders is cyber and data security, with more than 80% of respondents giving it the top spot for expected audit efforts in 2024.

However, the survey also found risk and internal audit teams are dedicating fewer resources to addressing some key risks, including two top-ranked risk areas — changing economic conditions (ranked #2), and the ability to attract and retain talent (ranked #3).

Seventy-five percent have not implemented generative AI in internal audit, 40% have a clear understanding of how AI is used in their organizations and 25% have defined the risks of or created guidelines for the use of AI.

The survey also reveals the use of internal audit strategic plans is lagging, with one in five functions reporting comprehensive, well-documented strategic plans. 

Read the full report here.