January 2013

What is the Difference Between Internal and External Audit?

Reading Time: < 1 minute What is the difference between internal auditing and external auditing? This is a frequently asked question. Although the word “audit” in both are similar, there are distinct differences between the two job functions. Before directly answering the question, let’s take a look at which each is and/or does.

Both are what you would call

Audit Projects without Opinions are Pointless

Reading Time: 3 minutes I am Still amazed by the number of audit functions that produce audit Reports without providing opinions about the control environment. After all, Internal Auditing is an objective assurance function. There is no way one can provide assurance without a formal Concluding opinion.

December 2012. I had the privilege of authoring an article for the IIA magazine titled “‘Your Opinion Matters”. It is presented below in its entirety with permission from the I IA.

The power of opinions has forever changed the way we purch

Best Buy Fumbles its Order and Fulfillment Processes

Reading Time: 2 minutes Late 2012, a Best Buy customer ordered an iPad online. Imagine her surprised when she received not one but five iPads. The honest customer attempted to contact Best Buy to determine the best course of action. She was unable to receive help from the retailer. She enlisted the help of

Taming audit client tantrums

Reading Time: 3 minutes Most audit clients understand that the purpose of an audit is to perform an independent evaluation of functions to determine if operations are effective and efficient. It is a strenuous process on clients. In many instances, it may not be enjoyable, however, most clients tend to respect the process. Occasionally, there are clients who exhibit behavior that is less than mutually respectful. I have said it before, being audited is just as stressful as auditing. I have personally seen clients scream, curse and toss items. While some clients are simply wired to be difficult (see related article on audit client types), I truly believe that a majority of clients are mature enough to

Internal Audit Leaders Must Be Readers (part 2 of 3)

Reading Time: 3 minutes In a recent article titled Internal Audit Leaders Must Be Readers (part 1 of 3), I discussed the many benefits of reading including increased intelligence, improved communication skills and stress relief.

None can deny the positive impact of reading. Time is probably one of the biggest obstacles to more and better reading. Before the digital revolution, it was necessary to subscribe to many different publications and hope that at least one contained enough items of interest to warrant your time and monetary investment. Thanks to modern technology, there are tools and services that allow you to find, store, sort and filter content for immediate online viewing or later perusal. This article is part 2 of a 3 part series discussing tools to help you become more efficient readers. So, without further ado, the tools:

Thank You & Happy New Year

Reading Time: < 1 minute That audit guy began April 2012 as a way to share and exchange information with fellow audit, risk, and compliance professionals. The response has been great. And for that, I thank everyone who visits and comments.

In 2012, That Audit Guy.com

Received over 50,000

Risky Business as Usual

Reading Time: 2 minutes Risk! Auditors are constantly addressing this four letter word. There are unrelenting attempt to better identify, assess and report risks. However, many auditors tend to allocate audit efforts and resources to and concentrate on negative risk impacts. In the planning phase, risks assessments center around negative outcomes. Audit testing is designed to determine

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