We recently sat down with Norman Marks to talk about the recently proposed updated draft of the Institute of Internal Auditors’ professional practice standards. In March, the IIA released a draft version of an overhaul of its International Standards for the Professional Practice of Internal Auditing, generally referred to as Read More
GUEST BLOG POST Assessing the level of any business risk is not nearly as simple as most appear to make it. Just look at any risk register or heat map (or “risk profile” in COSO language, which is the same thing) and you will see a single point for each Read More
In the wake of a global pandemic, organizations are working to assess potential risks with a renewed urgency, given the disruption and severity that COVID-19 inflicted on businesses and society in general over the past few years. One of those organizations, the World Economic Forum, released its Global Risks Report Read More
GUEST BLOG Editor’s Note: The views expressed by the author do not necessarily reflect the views of Internal Audit 360°, as we seek to bring varied and provocative ideas to our readers. The idea that audit plans should be risk based is so old and widely accepted that we rarely Read More
GUEST BLOG Over my long career, I have often heard, in one form or another, the phrase: “You just can’t audit that!” The first time I heard it came when I was an internal audit manager for a financial institution. The senior vice president for human resources said she was Read More
Not long ago, I was playing a game of football (which I will reluctantly refer to here by its given name in the United States—“soccer”) with some colleagues in a tournament organized by my company. As we huddled, waiting for the match to begin, our coach remarked, “we won’t find Read More
A new report finds that despite the growth of digital risks, many risk management programs are not maturing quickly enough to keep pace. The study, 2022 Digital Risk Maturity Survey, conducted by AuditBoard—which provides audit, risk, and compliance management platforms—finds that while more than 90 percent of respondents have digital Read More
FEATURED BLOG POST I have always been on the lookout for clever ways to describe internal audit’s role in an organization. One of my favorites used to be “internal audit is the brakes that allows the organization to drive faster.” The reasoning behind this analogy is that brakes are a Read More
The ongoing COVID-19 pandemic has created a drain on organizational resources, including in internal audit departments, and unleashed new risks on a global basis. A recent survey finds that internal audit is addressing such challenges by increasing budgets and hiring additional auditors. The survey, conducted by AuditBoard, a cloud-based platform Read More
GUEST BLOG POST When I became a chief audit executive (CAE) for the first time in 1990, I determined that a risk-based internal audit approach was not sufficient. A risk-based approach focuses on how well management can handle a potentially bad event or situation. It assesses the design and operation Read More
