Reading Time: 3 minutes The IA magazine, published by the IIA, is probably one of the best audit resources on the market. The content is usually relevant and with over 70,000 members across the globe, the distribution is covers a diverse group of professionals. It is one of the valuable membership benefits. It has been available in print format for many years. Additionally, the IIA distributes content via the internet. Recently, the IIA released an app for the IA magazine. This article is a review
Reading Time: 4 minutes In 2007, I found myself working for what would soon become a failed financial institution. That is a nice way of saying that the bank would no longer be in business. I spent the previous 8 or so years in the financial services industry. Unfortunately, internal auditing jobs in the industry were not plentiful in the city where I lived. Grant it, I have experience in several industries, but I was able to truly connect with clients in financial services. For quite some time, I thought I was able to relate because I had some expertise in the industry and could “speak the language”. The next 5 years taught me a lot about my role in the profession of internal auditing and some fundamental truths about working
Reading Time: 2 minutes 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
Reading Time: 3 minutes Evernote is a service “in the cloud” that helps you “remember everything, communicate effectively and get things done (www.evernote.com).” Evernote provides tools that allow you to store notes, documents, photos, web pages, voice recordings, tweets and almost anything that you can imagine. You can transfer these items from any computer and most smartphones. Additionally, you can access these same documents from any computer and most smartphones. What follows are 5 practical ways for auditors
Reading Time: 3 minutes 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
Reading Time: 3 minutes 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:
Reading Time: < 1 minute I was pretty excited to learn that I was a “Top Influencer” on a few Linkedin.com groups for the week of May 7, 2012 (see screen prints below). I really enjoy the content posted on the Chief Audit Executives group and receive valuable information from many of the active participants. I’m just happy the I can contribute something that someone finds useful.
Reading Time: 3 minutes The International Auditing and Assurance Standards Board (IAASB) recently released International Standard on Auditing (ISA) 610, Using the Work of Internal Auditors, which addresses the external auditor’s responsibilities when using the work of an internal audit function. It requires external auditors to “evaluate” the internal audit function. Specifically it states
Reading Time: 2 minutes It is essential for business professionals to obtain and maintain sufficient knowledge to perform their job. Many have obtained certifications that demonstrate proficiency in specific areas. To ensure practitioners’ skillsets remain current, many of these certifications require the completion of some sort of continuing education.
Reading Time: 2 minutes 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.