GUEST BLOG Over the years, Big Four audit and consulting firm PwC has provided great value through their annual commentaries and reports on internal auditing. However, in their 2019 State of the Internal Audit Profession Study, they are advising internal auditors to adopt approaches and practices with which I disagree. Read More
Ten things that internal audit can do when working with compliance to leverage the qualities of both functions There has been plenty written about the relationship between internal audit and compliance—from analyzing functional differences to advocating integration between the two. This continued discussion is mainly because the two functions have Read More
It’s likely that most internal auditors and risk managers can appreciate the expression: “The more things change, they more they stay the same.” That’s because they see it in action all the time. At most companies, for example, the internal audit and risk management capabilities have improved considerably over the Read More
Editor’s Note: This is part five of a six-part series on the Internal Audit Value Chain, which can act as a blueprint for building a successful internal audit function. Click here for the other articles in the series. One of the biggest myths about internal auditors is that they are Read More
For a long time, many companies have used process improvement strategies—ideas such as Six Sigma, Lean, Kaizen, Total Quality Management, Re-engineering, and a slew of others—to streamline operational processes, and they have done so with great success. Process improvement and continuous improvement initiatives, which often rely on the help of Read More
Internal audits are great at identifying problematic or even fraudulent transactions, whether in audits of payables to third parties, travel and expense audits, or other assessments. But when an internal audit uncovers improper transactions, it’s often too late. The funds have already been spent and reversing that process is never Read More
Could a decades old management strategy that helped U.S. and European companies respond to the gains in quality made by Japanese manufacturers in the 1980s somehow help internal audit shops improve their game? The answer is yes, and not only can it improve internal audit, it can push the function Read More
It’s been well established that internal audit must seek to add value if it is to prove its worth in the organization. In the first article in this series, “Many Internal Audit Failures Stem from Misalignment with the Company Strategy,” I defined the Internal Audit Value Chain (IAVC) and its Read More
Editor’s Note: This is part four of a six-part series on the Internal Audit Value Chain, which can act as a blueprint for building a successful internal audit function. Click here for the other articles in the series. Quality is such an important aspect to achieving success in business that Read More
Among the many things that may keep internal auditors up at night are cybersecurity, compliance, and data security and protection, according to a recent survey by the Chartered Institute of Internal Auditors. These top three concerns significantly outrank other risk categories like human resources, regulatory change, and digitalization, although, of Read More
