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
GUEST BLOG POST Lately, I’ve been reflecting on my experience presenting compliance updates to boards, both during my industry days and now as a consultant. One thing that consistently frustrates me is seeing compliance officers deliver presentations that are completely reactive. The focus is always on the number of investigations 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 At well-governed public companies, the decision to remove a chief audit executive (CAE) is ideally made by the audit committee of the board of directors, especially if the removal is “for cause” or performance. In the real world, though, that’s rarely the case. In practice, CAEs are Read More
As the saying—attributed to management guru Peter Drucker—goes, “You can’t manage what you don’t measure.” To drive performance, most functions need to measure their operations. In internal audit, some metrics, like the percent of the audit plan completed, often act as a starting point for assessing performance. At the same Read More
GUEST BLOG POST A few years ago, I was privileged to be a member of the Institute of Internal Auditors’ Relook Task Force. It had a couple of objectives, including reviewing the Definition of Internal Audit (which it decided did not require updating, although we did decide to add a Read More
For many internal auditors, the audit committee is a bit of an enigma. Most of us help the chief audit executive (CAE) or other internal audit leader with materials and content to provide to this subgroup of the board of directors. Much of our work, in summary fashion, ends up Read More
The past year concentrated attention and shone a spotlight on the increasing fragility of organizations. With a complex set of risks manifesting simultaneously, audit committees are prioritizing some of the most serious implications resulting from the ongoing war in Europe and a triple squeeze of supply chain, workforce and inflation Read More
Not long ago, I was playing a game of football (which I will reluctantly refer to here by its given name in the United States—“soccer”) with some colleagues in a tournament organized by my company. As we huddled, waiting for the match to begin, our coach remarked, “we won’t find Read More
Internal auditors are getting bullied and sanctioned when they present uncomfortable findings to management and the recent Star Casino money launderingcase is just one example, according to a survey by the Australian chapter of the Institute of Internal Auditors. One in seven internal auditors – 14 per cent – said Read More
