International Journal of Advanced Multidisciplinary Research and Studies
Volume 4, Issue 6, 2024
Internal Audit Transformation in the Era of Digital Governance: A Roadmap for Public and Private Sector Synergy
Author(s): Oluwatosin Ilori
DOI: https://doi.org/10.62225/2583049X.2024.4.6.4161
Abstract:
The accelerating pace of digital transformation across both public and private sectors has redefined expectations for transparency, accountability, and performance. In this evolving landscape, internal audit functions must shift from traditional, retrospective approaches to forward-looking, technology-enabled assurance models. This review presents a strategic roadmap for transforming internal audit in the era of digital governance, emphasizing synergy between public and private sector practices. The study explores how the integration of emerging technologies—such as artificial intelligence (AI), robotic process automation (RPA), data analytics, and blockchain—can enhance the efficiency, relevance, and impact of internal audits. The transformation of internal audit is not merely about adopting digital tools but involves reengineering audit methodologies, talent models, risk assessment frameworks, and stakeholder engagement strategies. This paper analyzes global case studies and recent reforms that illustrate the benefits and challenges of digitalizing audit processes. In particular, the study highlights how digital internal audit enhances organizational agility by enabling real-time risk monitoring, predictive assurance, and dynamic audit planning. It also strengthens regulatory compliance and governance structures by automating control testing, improving anomaly detection, and fostering data-driven decision-making. Furthermore, the roadmap emphasizes the need for cross-sector collaboration to accelerate knowledge transfer, standardization, and innovation in audit transformation. By aligning internal audit goals with broader digital governance agendas, both sectors can jointly promote resilience, ethical leadership, and public trust. Critical success factors for transformation include top management support, continuous upskilling of audit professionals, integration with enterprise systems, and an adaptive audit culture receptive to change. The paper concludes with actionable recommendations for audit leaders, policymakers, and IT strategists aimed at embedding digital resilience within internal audit ecosystems. As governance models become increasingly data-centric, a redefined internal audit function—proactive, automated, and insight-driven—will be vital for ensuring sustained organizational integrity and trust in the digital age.
Keywords: Internal Audit, Digital Governance, Public-Private Synergy, Audit Transformation, Organizational Agility
Pages: 1887-1904
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