The mission of internal audit has steadily evolved into a cornerstone of modern organizational management. Since the Institute of Internal Auditors (IIA) was founded in 1938, internal audit has progressed from simple financial checks to a structured, disciplined approach that strengthens governance, risk management, and overall control systems. While their Read More
In baseball, a utility player is one of the team’s most valuable assets—an individual who can step into one of several fielding positions during a game to help secure a win. Utility players are valued not only for their varied skills but for their adaptability, resilience, and broad game knowledge, Read More
GUEST BLOG POST If you are an internal auditor, you know that time is always in short supply. Between regulatory demands, shifting risks, and the day-to-day responsibilities of maintaining independence and objectivity, finding ways to be more efficient isn’t just helpful, it is essential. At the Audit Library, we work Read More
External quality assessment (EQA) has evolved with the new Institute of Internal Auditors (IIA) standards, and chief audit executives must develop a strategic plan to bridge any gaps in conformance. The standards set a more stringent benchmark for audit departments undergoing an EQA. Tim Berichon explained to research and advisory Read More
GUEST BLOG POST There are conflicting views on whether internal audit should follow up on every action item from previous audits. Let me see if I can inject some common sense into the debate. Imagine this is the situation: A year ago, management agreed to a recommendation by internal audit Read More
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
