Chief audit executives face a number of challenges in attempting to comply with regulatory statutes, according to a survey conducted by data analysis firm ACL Services Ltd. in cooperation with the Institute of Internal Auditors.
Asked to select from a list of key business challenges, executives most frequently cited a shortage of competent internal audit staff (70 percent) and a complex IT infrastructure (60 percent) as the major problems impacting their ability to fulfill internal audit objectives. More than half of the survey's 850 respondents, all members of IIA, were from large corporations with annual revenues of more than $1 billion.
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