ADELANTE
Institutional Repository

Internal Audit (IA) is a crucial function within an organization. This study aims to gain a deeper understanding of their importance, especially in their role in increasing business challenges. The business challenges employed for this study include; Technological Innovation, the Deregulation of Financial Services, International Competition, and Corporate Behavior. The study’s respondents included the commercial bank internal audit officer, audit assistants, and audit
managers. The researchers interviewed various internal auditors of commercial banks in Cebu City. This study employed a qualitative approach. In analyzing the gathered data, the study used
thematic analysis, following the corresponding results into themes for a better and easier understanding of the data. The role of internal auditors has become increasingly important in the face of rising business challenges. As banks face greater risks, uncertainties, and
complexities, internal auditors play a crucial role in helping organizations manage these challenges and improve their overall performance. By providing independent and objective assessments, internal auditors can help organizations improve their risk management, compliance, fraud prevention, and operational efficiency. The study concludes that as the
business industry continues to change, the role of internal audit continues to improve and expand, and auditors working in banks showed that the business challenges became one of their sources to move beyond their skills and responsibilities as an internal auditor.