By adding more money to the IT training budget to ensure that internal auditors can perform data analytics, the chief audit executive is addressing the core competency of continuing professional development. Ensuring that auditors have the necessary skills and knowledge to perform advanced audit techniques, such as data analytics, is a critical aspect of their ongoing professional development. This investment helps auditors stay current with emerging technologies and methodologies, enhancing their overall effectiveness and the value they provide to the organization.
The IIA Standards: Standard 1230 - Continuing Professional Development: "Internal auditors must enhance their knowledge, skills, and other competencies through continuing professional development." IIA Practice Guide: "Developing an Internal Audit Training Program": Discusses the importance of ongoing training and development to maintain auditor proficiency and effectiveness.