Reading Time: 2 minutes I recently interviewed for an Audit Committee position. As a walked into the room, one of the interviewers said that based on my resume, he expected someone older. He did not say this with malicious intent and I was not offended. It did, however, remind me of
Reading Time: 2 minutes Finding talented internal audit professionals seems to be a common problem plaguing audit functions regardless of country, industry and function maturity. Even in this down economy job websites are full of internal audit opportunities. I have spoken with colleagues who have received literally hundreds of applications for one job opening. However they have also commented that
Reading Time: 2 minutes A client recently asked me why or how did I choose internal auditing as a career. The question got me to thinking, why did I choose internal auditing as a profession? I mean really, who chooses to place him/herself in position where you are:
Constantly learning something new
Continuously interacting with various people across your organization
Helping improve your organizations products/services
I think I chose audit and
Reading Time: 2 minutes By now, many stakeholders realize the value of an empowered and effective internal audit function. These functions provide stakeholders with independent evaluations of an organization’s operating environment. Management also benefits from these independent evalutions, however, global acceptance by management is not as consistent as stakeholder acceptance. I firmly believe some of this has to do with the fact that internal audit functions are often mandated. Few of us like to be told “what to do”. New York Stock Exchange listed organizations are required to have audit functions. NASDAQ recently proposed mandating audit functions for its listed organizations. So if you must expend time, money and efforts on an audit function, why not utilize it to benefit the organization? Thankfully many organization do just that. However, there are some organizations that make a conscience effort to stifle internal audit functions. Moreover, many stifle the activity under the guise of support. Here are three ways a management team can stifle internal audit
Reading Time: 2 minutes Recently, I wrote an article title My 3 Biggest Fears as Internal Auditor. Those fears were:
Missing Something Important
Finding Something Big
Not Making a Difference
There was a poll asking about your biggest audit fears. To date, almost 200 people have voted. A majority of you (66%) fear missing something big. Another 29% fear not making a difference (see poll below and fill it out if you have not). In addition to the poll, many of you sent emails expressing that you have the same fears. Further, some of you added to my 3 via email.
One email was…well…interesting. One person expressed a fear of failing to live up to best practice internal auditing standards. However, he indicated that he would never admit it
Reading Time: 3 minutes Internal auditing is a rewarding career. Stakeholders trust internal auditors to evaluate policies, processes and procedures to determine if organizations are adequately mitigating risks. This is a huge responsibility. When things are going well, clients often view auditors as the “traffic cop” or a “necessary evil”. However, one of the first questions asked when a control breakdown occurs is “Where were the auditors?” or “Why didn’t the auditors catch this?”. It is a double edged sword. Often practitioners are met
Reading Time: < 1 minute Internal auditors are assurance providers charged with evaluating risks and providing stakeholders with reasonable assurance that risks are appropriately identified and treated. This usually begins with a risk assessment, followed by audit planning, which leads to an audit engagement and finally ending with an audit report containing issues that need to be addressed.
By now, we’ve all seen the standard
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
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
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: