The internal audit profession has come a long way from when I entered it four decades ago. In the 1980s, a time before PCs, canned audit programs were common, as were manual confirmations, “nth item” samples from green bar dot matrix printed computer paper, and huge folders of workpapers secured Read More
With the rise of artificial intelligence (AI) rapidly revolutionizing how we do business and live our everyday lives, Chief Internal Auditors are becoming increasingly concerned that cyber-criminals are likely to weaponize the technology to commit bigger, more sophisticated and more dangerous crimes. New research has found that 78 percent of Read More
In a landmark case, the Supreme Court has struck down the Securities and Exchange Commission’s authority to use in house-tribunals when seeking civil penalties against those accused of securities fraud. The Court, in the case of SEC v. Jarksey, ruled that when the SEC seeks civil penalties from defendants for Read More
GUEST BLOG POST I apologize in advance to all my friends who make a living (at least in part) by helping people write what they believe are “effective” internal audit reports. But every so often, we should challenge everything we do. So today, I am focusing on internal audit reports. Read More
Taking a holistic view in internal audit means understanding the entirety of a process from start to finish, including its various interconnections and implications. This approach involves thoroughly comprehending the activities involved, the individuals responsible, and the broader impact on the organization. By mapping out the complete beginning-to-end cycle of Read More
In today’s business environment, where risks continuously evolve and market dynamics constantly fluctuate, effective risk management is critical for financial institutions striving for stability and growth. Amidst such a challenging atmosphere, business intelligence (BI) tools have emerged as indispensable assets, revolutionizing the way risk analytics is conducted in the financial Read More
Internal auditors are in high demand these days. Recruiters and competitors are looking to snatch high-quality talent with the right set of skills and backgrounds. Management understands the value talented internal auditor hires can provide to help them make good and timely decisions, mitigate risks, and meet strategic objectives. That Read More
Recruitment and hiring strategies for internal audit must evolve to ensure the profession keeps pace with a changing risk environment, according to the results of a new report ‘Fueling the Internal Audit Student Talent Pipeline: Perspectives from Educators and Practitioners’ published by the Internal Audit Foundation. The report finds the Read More
Still locking into an annual audit plan? Stop. Risks move too quick to be addressing last year’s concerns as many as six, ten, or more months after the fact. Would you plan your whole week’s wardrobe based on the weather report at the start of the week and not waiver Read More
GUEST BLOG POST I believe just about every internal audit executive would agree with me that our independence from management is critical. We need to be able to operate without undue interference from management. That means that they are not able to stop or change our audit reporting, our opinions, Read More
