Audit survey identifies stakeholder expectations in T&L audit process, among other industries

NEW YORK, NY–PwC has released industry-specific findings from its 2014 State of Internal Audit Profession survey for the Industrial Products sector (A&D, chemicals, metals, industrial manufacturing, transportation & logistics and engineering & construction).

Of the overall survey, PwC polled 375 respondents from the industrial products sector (70% of which were CAEs) to take a deeper dive into stakeholder expectations around internal audit. 

 Among the key findings were that there exist significant differences of opinion  between stakeholders and CAEs on the nature of what is expected of internal audit (i.e. a misalignment). 

On average, 50% of IP industry stakeholders say internal audit is performing well at delivering on expectations, while 48% of IP stakeholders say they believe internal audit adds significant value. 

63% of IP industry stakeholders say risks are well managed, and  97% of the IP industry says it is important that internal audit possess financial control skills. IP respondents say fraud and business continuity skills are more important compared with what overall survey respondents say.