• Lack of management support: The audit manager must make sure that the senior management understands the importance of auditing. One must communicate the cost of audit observations with the management and also the greater cost of not responding to them. Sometimes the superiors may not consider internal audit as an important aspect and there may arise a conflict of interests which may result in disagreements. Such a situation should be avoided to maintain a healthy organization while performing the audit.
• Lack of professionalized and skilled auditors- It has turned out to be a difficult task to find creative auditors with professionalized experiences who can perform the internal audit in the best possible manner. This is one major challenge regarding internal audit. Auditors with a flexible mindset are hard to find these days, hence a firm must always try to stick on to one perfect internal auditor which may fulfill all their expectations.
• Outdated technological resources- As the technological advancement is on high pace, the internal auditors must ensure if they have the right tool and technology to perform the activity. The advancement in technology has resulted in the rise in demand for accurate results and reports of auditing and the internal auditors must ensure to meet this demand. Along with that they must be well trained to use such technologies in their job.
