Internal auditors will increasingly work in the areas of risk management and governance, the largest ever study of the profession has found.

According to the preliminary results of the Institute of Internal Auditors (IIA) Research Foundation’s study of more than 9,000 internal auditors in 91 countries, internal auditors will extend further its role in organisational governance and risk management activities, with risk expected to see most involvement from the profession.

The study, which has been added to the IIA’s Common Body of Knowledge (CBOK) – an information repository designed to respond to the profession’s growth – also found that many internal audit functions are relatively young, with the majority established only in the past five years.

While the profession globally is not regulated, the study found a growing acceptance of the International Standards for the Professional Practice of Internal Auditing. More than 80 per cent of internal auditors are following the standards at least in part, the study found. According to Roderick Winters, general auditor at Microsoft and the Research Foundation’s president, the finding reflects increasing recognition of the profession’s value.

“Because the internal audit activity usually is directed by an oversight body such as the board of directors’ audit committee, this high percentage of adherence to the standards points toward the business world’s growing recognition of internal auditing’s value to good governance,” he said. “We now have an accurate view of the profession within various cultures and as a whole, which will serve as a baseline for understanding how the internal audit profession will evolve in the future, further impacting organisations and their stakeholders.”

Pricilla Burnaby, one of the study’s lead researchers, said the level of self-adherence to acknowledged best practices was “amazing”. She added that the study, which will be carried out every three years, would yield valuable intelligence on internal audit. “By clearly defining where the profession is and where it’s headed, the CBOK study will ensure that internal auditing remains vibrant and relevant and continues to bring value to organisations and society as a whole,” she said.

The study, which was released at the IIA’s global conference in Amsterdam earlier this month, is the latest in a series of reports documenting the internal audit profession’s increasing influence on business. A study by Ernst & Young (EY) issued at the start of this year predicted that internal audit functions will continue to grow. Despite significant growth in function size over the past few years, 38 per cent of internal audit chiefs polled by EY said they increased the size of their internal audit teams this year. Similar growth was recorded last year, and reflects increased coverage of internal controls and more involvement in the oversight of risk management frameworks.

According to EY’s Craig Jackson, Oceania leader for risk advisory services, the growth was being partly driven by a greater need for assurance, particularly from audit committees, which are looking for comfort that all risks are being effectively managed in the tighter regulatory environment. Indeed, Trevor Rowe AM, chairman of United Group and board member of a number of high-profile organisations – including the Australian Securities Exchange and the Australian Government’s Future Fund – reflected that trend in a recent address.

The IIA will release the study’s complete findings in October.