Audit Practices

An Amazonian Lesson on Third Party Provider Management Risks (part 1 of 2)

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Reading Time: 2 minutes We have all heard the terms outsource and co-source. In its basic form, the words mean that organizations have entrusted parts of their operational processes to others. Sometimes this is done to save money while in other instances it allows organizations to tap into a resource of experts that they may not otherwise have exposure to. Either way, in this marriage of sorts, it is important to understand

What is the Best Interview/Note Taking Style for Internal Auditors? (Part 2 of 2)

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Reading Time: 3 minutes In a recent article, I asked “What is the Best Interview/Note Taking Style for Internal Auditors?” This was part one of a two part series where I introduced 3 interview and 2 note taking techniques. Many of you responded to the polling questions asking about your favorite technique. Several of you posted responses in LinkedIn groups. Further, many of you sent nice emails (I like and respond to emails). Newsletter subscribers received two additional tips in the December issue. If you missed part one, read it here (What is the Best Interview/Note Taking Style for Internal Auditors?)

In this article, I would like to introduce/review a tool that can increase note taking efficiency. The typical

The Best Interview/Note Taking Style for Auditors?-part1

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Reading Time: 2 minutes Understanding processes, performing testing and evaluating risks & controls not only require good communication skills but it also means auditors must be competent note takers. Good auditors must have a well-organized approach to taking, reviewing and refining notes. Some take detailed notes, while others use outlines. Regardless of the method, it is important to take notes consistently and unobtrusively. Any change in note taking may disrupt the process and cause the interviewee to alter his/her responses. The actions taken shortly after the interview are almost as important

Internal Audit Leaders Must Be Readers (part 1 of 3)

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Reading Time: 2 minutes In a recent Harvard Business Review article John Coleman states that “deep, broad reading habits are often a defining characteristic of our greatest leaders and can catalyze insight, innovation, empathy and personal effectiveness”. He also

3 Keys to Being a Top Performing Auditor

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Reading Time: 3 minutes Internal Auditing is a profession that is open to quite a few different types of individuals. What I mean by that is, auditors can derive from varied background including accounting, finance, computer science, science, English, literature, biology, chemistry, social services, etc. As a result, it can be difficult to nail down the skills necessary to succeed. The Institute of Internal Auditors (IIA) developed an Internal Auditor

As an auditor, sometimes I’m not a good listener

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Reading Time: 3 minutes Internal Auditors are charged with evaluating control environments and providing solid conclusions on the effectiveness and efficiency of processes. This requires a substantial amount of observation and inquiry. This means we must ask great questions and be effective listeners. Listening, however, is one of the most

Small Acts of Kindness Work Wonders with Audit Clients

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Reading Time: 2 minutes The phrase “it is better to give than to receive” is applicable to most areas of our lives. Studies have shown that those who participate in volunteer activities live better lives. Further, contrary to popular belief, nice guys do not finish last. Acts of kindness are important to build relationships of trust and respect.

I was fortunate to work with a few experienced professionals early in my career who taught me about the power of genuine kindness. I recall

What farming taught me about internal auditing

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Reading Time: 2 minutes As a kid, I remember my grandfather growing fruits and veggies on a track of land not quite small enough to be a garden but yet not big enough to be a farm. Much of what was grown was for family use. Some was grown to be sold. He used very little automated

What to do when audit clients disagree with you!

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Reading Time: 3 minutes Every auditor has or will face situations where clients significantly pushback on audit issues. Internal Auditing is an independent and objective function tasked with evaluating management’s risk identification and mitigation strategies. However, when presenting potentially reportable items to management, that objectivity can sometimes disappear as auditors began vigorously

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