Most internal audit functions spend somewhere between 80 and 100 percent of their time doing traditional internal audits, generally known as “assurance work.” Yet, many also do some level of advisory work, and aspire to do more. Many chief audit executives fret over how to allocate internal audit’s limited resources Read More
The pandemic has confronted many managers with the need to consider some belt tightening. Indeed, many organizations have been forced to delay capital investments, reduce inventory levels, furlough and lay off workers, and conduct other cost-cutting activities over the last months, as they worked to make ends meet. Internal audit Read More
Manufacturing firms are facing increased threats from cybercriminals targeting weaknesses in supervisory, control, and data acquisition (SCADA) systems. Regulatory bodies recognize the data security challenges that manufacturers face and have initiated various requirements and standards of operations meant to safeguard data. Non-compliant firms risk huge fines or even jail terms Read More
Data duplication is a serious problem that has long plagued organizations and complicated the data analytics efforts of internal audit. At best, it hogs up expensive storage space and frustrates communications with customers; at worst it can lead companies to make flawed business judgements. Business users, data analysts, IT managers, Read More
The typical career path of an internal audit leader often involves an eye-opening journey to a unique role in the organization—that of the company ambassador or evangelist. When you first became an internal auditor, you were focused on the job at hand: How to do it successfully and how interesting Read More
Does anyone really enjoy any aspect of internal audit reports? Raise your virtual hand if you like drafting them, editing them, issuing them, or even reading them? It is likely there are very few, if any, hands raised. Anyone who has authored, edited, or received an audit report would probably Read More
When it comes to preventing or detecting fraud, whistleblower hotlines remain among the best protection money can buy. They can also be an important tool for internal auditors to assess fraud risk and provide information that can increase the quality of audits and should be assessed on a regular basis. Read More
Internal audit professional standards require each department to establish a risk-based internal audit plan. When focusing on the highest organizational risks, however, they are often likely to find a gap in the talents and skills needed to execute that plan. Although it may be tempting, ignoring risk-based audit projects when Read More
There are few aspects of the chief audit executive (CAE) job that are more anxiety inducing than the executive session of a board or audit committee meeting. Audit leaders can often find themselves pulled in different directions, questioning their loyalties, and put in the precarious position of having to discuss Read More
As the saying goes, “you can’t make an omelet without breaking a few eggs.” It’s likely an expression internal auditors have heard or even used themselves to characterize the tension that can result from auditing a particular function or process. The role of internal audit is to provide independent assurance Read More
