Most internal audit functions spend somewhere between 80 and 100 percent of their time doing traditional internal audits, generally known as “assurance work.” Yet, many also do some level of advisory work, and aspire to do more. Many chief audit executives fret over how to allocate internal audit’s limited resources Read More
A high-quality internal audit function can have a huge influence on a business. “Actually, we have a dual role to play,” David Jardine, senior vice president, internal audit at BP plc noted recently. “We’re a custodian of value for shareholders and we’re here to hold management to account. We help Read More
The pandemic has confronted many managers with the need to consider some belt tightening. Indeed, many organizations have been forced to delay capital investments, reduce inventory levels, furlough and lay off workers, and conduct other cost-cutting activities over the last months, as they worked to make ends meet. Internal audit Read More
Manufacturing firms are facing increased threats from cybercriminals targeting weaknesses in supervisory, control, and data acquisition (SCADA) systems. Regulatory bodies recognize the data security challenges that manufacturers face and have initiated various requirements and standards of operations meant to safeguard data. Non-compliant firms risk huge fines or even jail terms Read More
Certainly, 2020 will go down as the “Year of Covid,” when a pandemic disrupted our personal and professional lives as no other force we have seen in most of our lifetimes. From an internal audit perspective, it meant scrambling to help the organizations we work for stay on their feet Read More
The typical career path of an internal audit leader often involves an eye-opening journey to a unique role in the organization—that of the company ambassador or evangelist. When you first became an internal auditor, you were focused on the job at hand: How to do it successfully and how interesting Read More
GUEST BLOG For years, leaders in the internal audit profession have talked about the proverbial “seat at the table.” They envisioned internal audit having place at the table when some of the most important decisions are being made at the highest levels of the organization. Some chief audit executives and Read More
Software provider AuditBoard is teaming up with the Institute of Internal Auditors to provide some relief for members of the internal audit profession who have been adversely affected by the coronavirus crisis. The two organizations announced the launch of a $500,000 scholarship program to provide access to training and educational Read More
Professional skepticism by auditors, finance professionals, and all participants in the financial reporting supply chain is crucial for the deterrence and detection of fraud, a new report from the Anti-Fraud Collaboration says. Organizations must critically assess potential fraud risks and be aware of potential biases that can lead to criminal Read More
Internal audit professional standards require each department to establish a risk-based internal audit plan. When focusing on the highest organizational risks, however, they are often likely to find a gap in the talents and skills needed to execute that plan. Although it may be tempting, ignoring risk-based audit projects when Read More
