GUEST BLOG POST Internal Audit teams today face mounting pressure to address emerging risks, adapt to rapid technological changes, and meet rising regulatory demands, all while demonstrating audit value with limited resources. One way to meet these challenges is through greater collaboration both within the internal audit team and with Read More
Digital disruption and climate change have emerged as the two fasting-growing risk areas for organizations across industries, according to a new report. Based on feedback from more than 3,500 internal audit leaders around the world, global risk levels for digital disruption and climate change are projected to increase 20 percent Read More
A strong relationship between internal audit leaders and the board and audit committee is essential for the department to accomplish its objectives and provide value to the organization. Yet, so many internal audit leaders don’t work at improving communications with the board or make it a point to build strong 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
As we saw during the supply-chain disruptions that occurred during and directly following the COVID-19 pandemic, procurement is a critical and fundamental component for just about any organization. A well-managed procurement function can move an organization toward success, while a mismanaged one has the potential to cause its downfall. It Read More
GUEST BLOG POST A chief audit executive once said to me: “Almost every team follows a process. Just because they don’t write it down, doesn’t mean one doesn’t exist.” It was at that moment that I realized that the lack of capability maturity or process rigor doesn’t necessarily mean that Read More
A new survey finds that boards and CFOs are asking internal audit to take on more risk related work. The study revealed that these expanding expectations are coming at a time when internal audit has limited bandwidth for advisory-related services — and increasing risk demand and insufficient risk management capacity Read More
GUEST BLOG POST There’s such a huge difference between basing the continuously updated audit plan on an “audit universe” (essentially a comprehensive list of all the potential audit activities that an internal audit function might undertake) and from using a “risk universe” (a comprehensive list of all potential risks that Read More
The aim of internal auditing is to add value and improve organizational operations, assisting companies in achieving their goals. Based on years of practical experience, I believe that clearly defining the specific values of internal auditing is the prerequisite for maximizing its effectiveness. The ten major values that internal auditing Read More
Internal audit and risk professionals know the frustration of witnessing hundreds of millions of dollars invested in projects, only to see many fall short of their intended business outcomes. According to research from Bent Flyvbjerg, a professor at Said Business School of Oxford University, only 8.5 percent of the 16,000 Read More
