Again…better questions to ask your audit clients
I recently wrote an article titled “What Keeps You Up At Night…Who Cares! 6 Better Questions to Ask Audit Clients”. The major premise stressed the fact that auditors truly need to ask the questions they really want answered. Asking a client “What keeps you up at night” is terrible, for one, because
I still don’t care what keeps you up at night Read More »
Auditors frequently encounter various types of clients with personalities ranging from shy to overzealous. The personalities and behaviors are oftentimes topics of discussion. However, in this article, I would like to discuss auditor personality types. I believe that there are at least 4
What is your auditor personality type? Read More »
What happens when your audit clients substantially or fully remediate identified control issues prior to the final report distribution? Do you (1) remove the item from the report, (2) include the item in the report with the management action plan as if no action has been taken or (3) include the item in the report, credit
Don’t Forget Historic Risks Read More »
The role of the Board in organizations is one of oversight. Boards are charged with representing various stakeholder groups to ensure the organization fulfill their mission, vision, goals and objectives. A strong Board provides unparalleled guidance. A weak Board can lead (or oversee) an organization down a path to destruction. Given the significance of the role, there is much discussion about what a successful Board should look like.
As internal auditors, we support the Board by identifying, evaluating and reporting on the
5 Qualities of a Strong Board Read More »
Dictionary.com defines “world class” as ranking among the world’s best. So what does that really mean for an internal audit department? The scope and nature of an auditor’s job varies by organization, size and region. As a result, “world class” is difficult to clearly define. However, there are a few characteristics that can enhance the value an audit function delivers to an organization. I believe these characteristics surround the Personnel, Practices, Perception and Partnerships
4 Factors to Building a World Class Audit Function Read More »
The issue with audit exceptions is that many audit functions include exceptions as the primary theme of audit report reportable items. Okay, there I said it. Now to provide an example.
I was recently reading an internal audit report from a governmental agency in which the auditors reviewed the bank reconciliation process. The report read as follows:
During a
The Issue with Audit Exceptions Read More »
Criminals and villains are oftentimes portrayed as menacing, ugly figures. Take for example, the Big Bad Wolfe or Goliath. These figures are easy to recognize and the mere thought of them brings fear to many children. In business, we tend to focus on the easily recognized risks while ignoring meek and unassuming items that slowly eat away at the heart of business.
Protect your office from Goldilocks Read More »
Lately many internal audit job postings either prefer or require Big 4 experience. The Big 4 are the four largest firms specializing in accounting or other professional services. They are PwC, Deloitte Touche Tohmatsu (Deloitte), Ernst & Young (EY), and KPMG. They are considered elite when it comes to industry exposure and training. Many new graduates can expect good salaries, long hours, lots of travel and lifelong contacts. Many will function as “external auditors” or financial statement auditors. The work consists of providing some assurance that the financial statements are fairly presented. Most will become familiar with Generally Accepted Accounting Principles (GAA) and will definitely know how to interpret “the numbers” of an organization.
Big 4 Experience – Does it Guarantee A Good Employee Read More »