Last year in this very same article, I wrote about what I called, “a palpable concern for the future among internal auditors.” As 2023 was ending and 2024 was beginning, uncertainty and angst ruled the day. We were still shaking off the lasting effects of the COVID-19 pandemic, conflicts in Read More
A new report predicts that assurance and compliance functions could double the amount they spend on new technology by 2027. According to the research, issued by Gartner Inc., generative AI, machine learning, and large language models will fuel a surge in spending by compliance, risk management, and internal audit functions. Read More
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
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 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
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
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
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
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
