Auditing

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

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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:

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Risky Business as Usual

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

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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

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How do you describe what you do to friends and family not familiar with the audit profession? (part 1)

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The internal audit profession is comprised of Certified Public Accountants (CPA), Information Technology professionals, engineers, lawyers, nurses (remember the medical auditors) and more. In general, we ensure risks are appropriately mitigated. But how would you explain what you do to your grandmother. Here’s what I told mine:

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What do Internal Auditors & Doctors have in common?

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When we reach certain ages and stages in life, it is customary to have specific medical checkups to provide reasonable assurance that we are in good health. Occasionally, there are issues that require follow up in the form of preventive maintenance or corrective action. For example, if your cholesterol numbers are creeping up, she may suggest foods that can naturally stabilize it. Or if the

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When 1 + 1 = 3…Testing Estimates and Assumptions

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The Importance of Testing Estimates and Assumptions
Contrary to belief, accounting is not a field that is black and white in application. Organizations are allowed to “estimate” certain items or mark others to fair market value or depreciate some in a manner of their choosing until the book value reaches zero. Each of these has some sort of effect on income statements and balances sheets. In theory, devious organizations can manipulate these items to their benefit. As part of integrated internal audit engagements (i.e. financial, operational, information technology & compliance), it is beneficial for

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