Tag: Audit Planning

Choose words carefully

Why CAEs Must Choose Their Words Carefully to Preserve Independence

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

Internal audit trends

Report: Companies Increasing Internal Audit Budgets, Staff

A new survey finds that internal audit departments are generally increasing their budgets and adding more staff. According to the survey, conducted by the Institute of Internal Audit’s Internal Audit Foundation, 36 percent of internal audit departments said they had increased their budget last year, compared to 13 percent who Read More

Institute of Internal Auditors

The IIA Provides Resources to Aid in Adoption of New Standards

The Institute of Internal Auditors has released a collection of tools and resources to help internal auditors incorporate the new Global Internal Audit Standards into their practice. The new Standards, which were released in early January, will become effective in January of 2025. According to the IIA, “the new Standards Read More

5W1H Method

Improving Internal Audits Using the 5W1H Method

In my role as an internal auditor, navigating the intricacies of risk assessment and control testing sometimes leaves me uncertain about whether I’ve identified a noteworthy observation, encountered an actual problem, or if there’s room for refining our processes. Recently, I discovered a method that has proven invaluable in such Read More

Top internal audit articles of 2024

The Top Internal Audit Articles of 2023

There’s a palpable concern for the future among internal auditors. I wouldn’t quite call it anxiety, but there’s certainly some underlying angst about how the next few years will play out for internal auditors. There’s consternation, for sure, over how things like artificial intelligence, increasing digitalization, the data of everything, Read More

Institute of Internal Auditors

IIA Plans Release of Final Internal Audit Standards

The Institute of Internal Auditors’ work on issuing a new version of its professional practice standards cleared an important hurdle this week, paving the way for their release in early January. The IIA’s committee in charge of the project, the International Internal Audit Standards Board (IIASB), voted to approve the Read More

When risk-based audit planning is not enough

When Enterprise Risk-Based Audit Plans Are Not Enough

GUEST BLOG POST: I am a huge believer, as are most leading internal audit practitioners, in enterprise risk-based auditing. That means that the audit plan is designed to provide assurance, advice, and insight on the more significant sources of risk to the organization and the achievement of its objectives. It Read More