Internal audit leaders may feel like their departments are being stretched thin these days—well, even thinner than usual. New research suggest that internal audit budgets have been cut at many companies, even as the function is facing an expanded workload. The pandemic has exposed new and heightened risks that need Read More
Internal audit spends most of its time assessing various functions and processes across the organization. But how well does it know itself? After all, Aristotle once said, “knowing yourself is the beginning of all wisdom.” Luckily, there is an accepted review process for assessment of internal audit, known as a Read More
The recent evolution of the Three Lines model underscores the idea that internal audit must work to create and protect business value. This requires strategic thinking, especially in this rapidly changing business environment. Whilst change is a factor in every business, some organizations may be going through profound transformation, implying Read More
A new survey on the state of the internal audit profession finds that companies are slightly investing in internal audit again and working to return to normal on the back end—fingers crossed—of the pandemic. The overall message of the report may well be that only incremental change has come to Read More
Many internal audit shops are adopting Agile project management principles in an attempt to create a more flexible, adaptive, and customer-oriented audit function. And while the results have been promising, expect a few bumps along the way. To be sure, Agile is not a revolution for internal audit, but a Read More
As Internal audit leaders go about their work, there are many decisions to make: How to assess risk? What to audit? How to acquire the expertise needed to execute certain audits? What audit technologies to adopt? How to build the internal audit team? And on and on. Sometimes we make Read More
One of the big outcomes of the last several months under the pandemic is that we have learned that work-from-anywhere models really do work. It’s always been a fallacy that workers are less productive from home—that they somehow are too sucked into watching The View, or too busy tending to Read More
We all know that internal auditors play a unique and complex role at the organizations where they work. They must serve many constituencies and customers, including the operating units they audit, the board and senior managers they report to, not to mention fellow employees, consumers, regulators, and citizens at large Read More
A new survey finds that changes internal audit functions made in response to the COVID-19 pandemic are likely to have long-lasting effects and could transform internal audit into the years to come. AuditBoard, a provider of cloud-based risk management platforms which conducted the survey, says it reveals five trends in Read More
In the current business environment, senior management is asking some internal audit functions to do more work that resembles quality assurance. There are several reasons for this, but generally those reasons fall under the heading of business process disruption in one form or another. These may be disruptions to the Read More
