An internal audit report can determine whether critical risks are addressed quickly or buried in a backlog of competing priorities. They shape how stakeholders perceive the internal audit function and influence the decisions and remediations that follow an audit. When internal audit reports are clear, well-structured, and actionable, they turn Read More
For decades, internal auditors have quietly upheld the resilience of organizations, helping them navigate risk, compliance, and control. But a decade from now, that quiet assurance will no longer be enough. By 2035, internal auditors are expected to stand as strategic contributors to the success of organizations by shifting from Read More
As we know, internal audit teams can sometimes overlook company culture when identifying areas of risk and concern. A 2023 AuditBoard report, for example, found that 80 percent of the organizations it surveyed do not actively conduct audits or assessments of their culture. This gap may also point to a Read More
The Sarbanes-Oxley Act of 2002 (SOX) redefined corporate accountability by mandating transparency and oversight in financial reporting. Evaluating internal controls over financial reporting (ICFR) is at the core of SOX compliance, particularly Section 404. Entity-level controls (ELCs) are core to this: enterprise-wide mechanisms that influence governance, risk management, ethics, and Read More
In baseball, a utility player is one of the team’s most valuable assets—an individual who can step into one of several fielding positions during a game to help secure a win. Utility players are valued not only for their varied skills but for their adaptability, resilience, and broad game knowledge, Read More
We all experience it. We all try to avoid it. Yet, inevitably, we all still have to deal with it. The “it?” Tension and disagreement—even outright hostility—while just doing our day-to-day internal audit jobs. As much as we try our best to foster good relationships with everyone in the organization, Read More
Last August, Northern Marine Management India, a shipping company located in Powai, a suburb of Mumbai, India, discovered that it has been the victim of a bold heist. The company kept gold coins that it used to honor employees at their retirements. Depending on their years of service, retiring employees Read More
External quality assessment (EQA) has evolved with the new Institute of Internal Auditors (IIA) standards, and chief audit executives must develop a strategic plan to bridge any gaps in conformance. The standards set a more stringent benchmark for audit departments undergoing an EQA. Tim Berichon explained to research and advisory Read More
Ethics are a crucial component of every organization and are broadly defined as the values and principles that govern and shape behaviours and leadership. According to a recent study by Gallup, only 20 percent of employees surveyed strongly agreed that they trusted the leadership of their organization. Forbes estimates that Read More
Every news feed, newspaper, magazine, and even social media feed is inundated with the latest trends purporting to simply demonstrate the ways in which businesses should implement artificial intelligence. There is a wealth of insights within these articles. There is also, however, a failure to grasp that one of the Read More
