by Jonathan J. Arnold
Fellow Triple Chartered Accountant
Formula 1 (F1) Grand Prix is a top-tier motorsport event, while internal auditing is an independent service that boosts business performance through objective evaluation. They share a common DNA that inherently drives success in each of their consequential domains: speed, precision and persistence.
Internal Audit and Formula 1 seem worlds apart in their professional domains. Internal Audit is a detail-oriented, behind-the-curtain role in organizations, whereas F1 is a dazzling, fast-paced sport. Beneath the surface lies a world of rapid decisions, precise execution, sharp focus, and high-pressure performance. From scrutinizing corporate control environments to navigating the high-stakes world of a Grand Prix, performance remains non-negotiable. Both demand speed with discipline.
I saw this unfolding in real time during the recent F1 Grand Prix in Bahrain 2025, which coincided with the 75th anniversary of F1.
Let’s delve into the main areas of overlap.
- Pace with Precision
In the world of F1, a mere two seconds in the pit lane is crucial. That stop must be perfect: every motion timed exactly, each tire attached without flaw, with no margin for error—speed works only when it’s governed by precision.
Internal audit faces comparable stress. Boards and CEOs now expect insights at a faster pace than ever before. Audit timelines are shrinking, and the business landscape is evolving rapidly. But a rushed audit is a weakened one. The need for quality and assurance cannot be sacrificed, especially as timelines tighten.
- Meticulousness
Intricate engineering controls a car’s output in F1. Even a minor deviation of a suspension component by a millimetre, or an uncalibrated sensor, can affect lap times or cause failures.
Likewise, internal audit depends on technological precision to operate effectively. Controls must be rigorously examined. Documentation review requires thorough attention. Walkthroughs, data analysis, and sampling demand meticulous evaluation.
- Fastidious Care
Each F1 win stems from countless decisions and adjustments. To optimize the efficiency of every part of the car, engineers analyse airflow dynamics, tire degradation, fuel consumption, and even the driver’s seating position. No detail is too insignificant to matter.
Such meticulous scrutiny is equally directed at auditors. Details like irregularities in access logs, recurring delays in approvals, or overlooked terms in vendor contracts frequently conceal weaknesses in controls. Real insight is discovered in what most overlook, a fact well understood by the most skilled auditors.
- Data Centricity
In F1, live data from hundreds of sensors is crucial, yet unprocessed data alone is insufficient. Teams currently leverage AI and machine learning to forecast performance, refine tactics, and identify possible problems, facilitating quicker, more intelligent decisions in a sport where every fraction of a second matters.
Similarly, internal audit is advancing with artificial intelligence, replacing traditional data analysis methods with cutting-edge tools like natural language understanding, machine learning algorithms, and predictive analytics. These technologies empower auditors to swiftly process extensive amounts of data, identify fraud schemes, and predict potential risks, enabling faster, more proactive, and thorough assurance.
In every context, artificial intelligence (AI) is amplifying human judgement rather than substituting it, leveraging data to drive quicker, more precise, and more informed decisions.
- Proactive, Real-Time Risk Response
F1 races are inherently volatile. A mechanical failure, an accident, or an unforeseen weather event can shift the outcome instantly. F1 teams continuously monitor and recalibrate their risk exposure in real time, all while remaining strategically aligned.
Today’s auditors face similar challenges. Contemporary audit professionals must address evolving risks such as cybersecurity incidents and shifting regulatory landscapes, making adaptive planning and responsiveness critical, as traditional, static annual audit plans become obsolete.
- Team Synergy: Synchronized Precision
Success in F1 is a shared accomplishment. Though the driver garners most of the recognition, every point is the outcome of coordinated efforts by engineers, mechanics, analysts, and strategists. The pit crew trains relentlessly, repeating procedures thousands of times to perfect their timing and cohesion.
Internal auditing demands interdisciplinary cooperation, with professionals from diverse functions joining forces to deliver audits that are timely, impactful, and insightful.
- Continuous Optimization and Evolution
F1 teams conduct comprehensive post-race analyses. They review every lap, corner, and pit stop to uncover insights that boost future performance. The objective is to enhance performance with every race.
Internal Audit exemplifies this mindset. Teams can enhance their approach through post-audit evaluations, feedback from stakeholders, ongoing training, and audit quality assurance assessments. Continuous process improvement is a defining characteristic of a high-performing function and a core element of audit maturity.
Concluding Reflections
Operating in very different arenas, Internal Audit and F1 embody the same foundational values: rapid decision-making with precision, careful focus on detail, and a relentless pursuit of quality.
Jonathan J. Arnold is a Fellow Triple Chartered Accountant and Internal Auditor with more than 11 years’ experience in the field of Audit.