2024 Internal Audit Priorities Survey Reveals Technology and Cybersecurity as Top Concerns Amidst Rising Generative AI Adoption

Core Insights - The 2024 Internal Audit Priorities Survey by Jefferson Wells indicates that cybersecurity remains the top risk, while the use of Generative AI tools is becoming a significant risk priority for internal audit leaders and audit committees [1][2][3] - Only 26% of organizations have fully integrated Generative AI standards into their governance framework, highlighting a gap in comprehensive controls [1] - There is a growing demand for internal audit skillsets in cybersecurity, data analytics, IT audit, and Generative AI, with 37% of organizations planning to increase staff to address these needs [2][3] Industry Trends - The survey emphasizes the urgent need for Internal Audit functions to adapt to advancements in AI and cybersecurity, suggesting that departments must expand their capabilities and seek external expertise to fill skill gaps [3] - The increase in organizations planning to expand their internal audit teams marks the first significant growth since 2020, reflecting the heightened demand for technology skills [2]