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: 3 minutes The Institute of Internal Auditors (IIA) has made great strides to propel the auditing profession into digital and social media. There are digital editions of the Internal Auditor magazine. Additionally, there is a magazine app (see review here title blah). The organization periodically offers free members only webinars. The CEO, Richard Chambers is very active on twitter and there is a Facebook presence. Most recently, the organization notified its members of an app for the General Audit Management Conference. The conference is in its 34th year and is billed as “The Essential Experience for CAE’s”. I will be attending and presenting at this conference. Therefore, I am very excited about the app. I’m excited about anything that can make my life easier. I have used other conference software apps and
Reading Time: 3 minutes Internal Auditing is a profession that requires diverse skill sets. For example, there are auditors who specialize in construction, medical billing, pharmaceuticals, and information technology. Additionally, jobs for auditors seem to be fairly plentiful. As a result, hiring, developing, and retaining talented audit professionals can be a challenge. When faced with hiring dilemmas, auditors tend to place the blame on many external factors such as no funding/support or lack of local qualified talent. This may very well be true, however, the real talent problem may be more close to home and directly related to how we search for talent.
Take, for example, most internal
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 I recently wrote an article discussing the up and downside of risks (Risky Business As Usual). I strongly believe auditors must be aware of both. This view sparked a lot of discussions on LinkedIn and emails in my inbox. I stand by the position that risk management involves managing threats and opportunities. Recently, I CFO.com article introduced the concept of Value Map in which the traditional
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: 3 minutes I am Still amazed by the number of audit functions that produce audit Reports without providing opinions about the control environment. After all, Internal Auditing is an objective assurance function. There is no way one can provide assurance without a formal Concluding opinion.
December 2012. I had the privilege of authoring an article for the IIA magazine titled “‘Your Opinion Matters”. It is presented below in its entirety with permission from the I IA.
The power of opinions has forever changed the way we purch
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