2022 Internal Audit Hot Topic and Focus Areas.

A summary from across the web of 2022’s Internal Audit Hot Topic’s, Focus Area’s and Risk Priorities.

We have searched across the web; through each of the Big 4’s websites, through the IIA, and across thought leadership sites to find out what they all consider to be the top risk / focus areas for Internal Audit going into 2022.

Each year, these risk in focus / hot topics reports can prove to be an invaluable resource for many audit functions and show many upcoming or potential risks which Chief Audit Executives (CAE’s) and Audit Committees should be considering. You can see what the 2021 hot topics were by reading this blog post, or you can view the 2020 hot topics were by reading this blog post.

In this post, we will show you what the IIA, PwC, Deloitte, Protiviti and Gartner all consider to be the main focus areas for 2022.

Here we go.

Institute of Internal Auditors

The Institute of Internal Auditors released their Risk in Focus 2022 report back in September this year. You can read our review of the report here. Following a survey amongst a number of Heads of Audit, the report identifies the following top 10 risk areas which are on people’s minds going into 2022:

  • IT security: response and recovery
  • Rising sustainability regulations
  • Accelerated digitalisation and low-code adoption
  • Workforce fatigue and cultural erosion
  • Pandemic response: organisation and strategic resilience
  • Financial risk and the looming insolvency wave
  • Rising inflation and the global tax clampdown
  • Climate change and sustainability
  • Supply chain strains and the race to flexibility
  • Health and safety amid the continued COVID-19 threat

You can view the full Risk in Focus 2022 report here.


Deloitte has set out a list of planning priorities for Financial Services Internal Audit for 2022. Their website includes an interactive diagram which highlights both risk areas, but also improvement or focus areas specific to the internal audit team. The diagram is also a neat tool which could be presented to your audit committee and show which topics you have already covered (or plan to cover) through your audit work.

Deloitte has identified the following hot topics Internal Audit in Financial Services:

  • Regulatory
  • No Safe Havens’ – Exchange of Information Compliance
  • Fraud Risk Management
  • Tax Governance & Control Frameworks
  • Ethical and Responsible Artificial Intelligence
  • Electronic & Algorithmic Trading
  • Operational Resilience
  • Financial Crime
  • IBOR Reform
  • Credit and Prudential Regulation
  • Changing Regulatory Landscape – Post Brexit Transition and Beyond
  • Resolution Planning and Resolvability
  • Recovery Planning
  • Stress Testing
  • Financial
  • ESG & Climate Risk
  • Liquidity Risk Management for Insurers
  • IRB Delivery Programmes
  • Future of UK Controls
  • IFRS 9 ECL Estimation
  • IFRS 17
  • Governance, Risk Management and Culture
  • Embedding SM&CR
  • Third Party Risk Management – Regulatory Requirements
  • Remuneration – Risk and Reward
  • Governance Culture
  • Conduct
  • End of Term Mortgages
  • Customer Outcomes Testing
  • Delegated Mandate Oversight
  • Product Governance
  • Consumer Value for Money
  • Vulnerable Customers
  • Consumer Affordability
  • Technology and Digital
  • Digital Risk
  • Cloud
  • Cyber Security
  • Internal Audit Innovation
  • Dynamic Risk Assessment
  • AC Reporting
  • 1-Year From COVID-19 – Thrive: Return to Work

You can view the full Deloitte 2022 Hot Topics for Internal Audit in Financial Services report here.


PwC have taken a different approach with this years list, focusing on high level future risks for companies in the financial services sector.

At a high level, PwC have identified the following macro risks:

  • Conduct and Governance
  • ESG
  • Resilience through digitalisation
  • Workforce strategy
  • Prudential agenda

PwC have then focused on a few thematic micro risks:

  • Business resilience
  • Financial crime
  • Change risk
  • Technology risk
  • Conduct risk
  • Workforce risk

You can read the full 2022 Financial Services Horizon Scanning for Assurance Functions report here, and download specific financial services sector reports for more detail.


Protiviti have pulled together a range of Internal Audit, Risk, Business & Technology Consulting 2022 Regulatory Hot Topics considerations for Internal Audit.

The eight hot topics identified by Protiviti include:

  • Compliance Management Systems (CMS)
  • Product and Services
  • Financial Crimes
  • Debt Collection
  • Third-Party Risk Management (TPRM)
  • Environmental, Social and Corporate Governance (ESG)
  • Fair and Equitable Banking
  • Conduct Risk

You can read the full 2022 Internal Audit Hot Topic considerations report here.


Gartner seems to reiterate and consolidate everything each of the above reports have called out as a specific focus area for 2021. Gartner’s Hot Spot summary includes the following:

  • Ransomware
  • Data and Analytics Governance
  • Digital Business Transformation
  • IT Governance
  • Third Parties
  • Business Continuity and Organisational Resilience
  • Environmental, Social and Governance
  • Supply Chain
  • Strategy Execution
  • Workforce Management
  • Retention and Recruitment
  • Economic Uncertainty

You can view the full Gartner 2021 Audit Plan Hot Spots Report here. Please note, you do need to register to view this report.

Need help with your annual planning?

My Audit Spot can help you with your annual planning process.

Tools and Templates

We have a complete range of tools which you can purchase which will guide you step by step through the annual planning process. You can purchase these tools by clicking on the link below:

Annual Planning Templates – Complete Set

Buy Now

Don’t forget to download our FREE guidance document here.

Internal Audit Services

My Audit Spot can assist your audit team through a range of Internal Audit and consultancy services. We would love to opportunity to chat with you about this more.

You can learn more about our audit services by clicking here.

#internalaudit #annualplanning