Internal Audit Insights

2020-02-03 11:07:25

Embracing Change: New Strategies for New Challenges

By Joseph McCafferty

February 03, 2020

It’s becoming clear to most internal auditors that the profession is changing very rapidly. The strategies that have worked in the past will no longer be enough to carry out internal audit’s new mandate. To meet these challenges, internal audit must improve on three major fronts: innovation, new technology, and talent management.

2020-01-27 14:02:47

Eight Common Internal Audit Hiring and Retention Errors

By Joseph McCafferty and Jonathan Ngah

January 27, 2020

It’s more important than ever to have a robust recruiting and retention program for internal audit to hire the right candidates with the right set of skills and to keep star performers from leaving for other jobs.

2019-12-16 14:39:23

Setting Priorities During Internal Audit Engagement Planning

By Eleftherios Tsintzas

December 16, 2019

A risk assessment should be conducted during the planning phase of an audit engagement in order to identify and analyze all the risks towards the achievement of the objectives of an activity.

2019-12-02 10:58:13

Does Your Internal Audit Team Need a Behavioral Scientist?

By Joseph McCafferty

December 02, 2019

Given the intense focus on corporate culture in the last few years as an important component in risk management, more companies are looking to behavioral science to get a better understanding of what drives human behaviors, both good and bad.

2019-07-30 05:47:50

Adding Value by Using a More Proactive Approach to Internal Auditing

By Hernan Murdock

July 30, 2019

Traditionally, internal auditing was done retroactively. While our methodology has relied on this practice and it has been used widely for a long time, one of the issues with this after-the-event approach is that the actions have already occurred. It is based on auditors focusing on issue detection.

2019-07-23 05:10:57

How Internal Auditors Can Give and Receive Feedback

By Hernan Murdock

July 23, 2019

Receiving feedback is an essential element in every internal auditors’ development. In this feature article, MISTI's Dr. Hernan Murdock provides seven key practices that should be part of this process to make it most effective.

2019-07-02 05:50:41

Nine Essential Skills for Internal Audit Success

By Hernan Murdock

July 02, 2019

Those entering the internal audit and compliance professions often wonder what they need to do to succeed in their new careers. There is a lot to learn. In fact, the general advice is to become lifelong learners. But there is also the constant pressure from within the department. Here, MISTI's Dr. Hernan Murdock lists nine skills and actions essential for success.

2019-07-02 05:47:18

Seven Key Internal Audit Actions for Success

By Hernan Murdock

July 02, 2019

The work of internal auditors and compliance professionals is filled with frameworks, regulations, and policies and procedures documents that define the path for operational effectiveness. Follow those guidelines, manage risk effectively and the likelihood of success increases. But what about our own success?

2019-06-25 05:04:28

Building the Internal Audit Function of 2020

By Dawn Papandrea

June 25, 2019

Your organization has decided to take the important step of creating an internal audit function, and you’ve been tasked to build it. Building out teams from scratch is always a challenge, but internal audit departments have an especially important role.

2019-06-11 05:31:16

2019 Internal Audit Priorities: Cybersecurity (Part 4)

By Marcos Colon

June 11, 2019

In part four of this four-part series on internal audit priorities in 2019, Internal Audit Insights caught up with Todd Shaffer, senior vice president and chief risk officer at Johnson Financial Group, who discussed how internal audit leaders are approaching cybersecurity issues today.

2019-05-21 05:53:18

2019 Internal Audit Priorities: Workforce Development (Part 1)

By Marcos Colon

May 21, 2019

In part one of this four-part series on internal audit priorities in 2019, Internal Audit Insights caught up with David Cook, managing director of internal audit at Robert W. Baird, who shared his thoughts and advice on how audit leaders today can realign their resources effectively.

2019-05-07 05:20:10

Three Steps for More Confident Communication in All Aspects of the IA Role

By Jill Schiefelbein

May 07, 2019

In this feature article, communications expert Jill Schiefelbein provides internal auditors with three simple, important rules to help you communicate in a way that will position you as a more confident communicator within the business.

2019-03-26 05:50:22

Boosting Your Internal Audit Career Through Coaching and Mentoring Programs

By Hernan Murdock

March 26, 2019

Internal auditing is a complex field of work that is undergoing significant changes. Today's internal auditors are tasked with managing their careers, so they remain relevant in the short and longer terms. Given this complex environment, it is not surprising that mentoring and coaching have emerged as essential tools to help auditors grow professionally.

2019-03-12 05:19:54

The Many Benefits of Rotation Programs

By Hernan Murdock

March 12, 2019

As business processes become more complex, information more widely dispersed, and the risk environment more complicated, the need for internal auditors to adapt to this new environment becomes imperative. This is where rotation programs can really save the day.

2019-03-07 05:08:38

How to Approach Internal Audit Recruitment

By Karen Kroll

March 07, 2019

The search for qualified, competent internal auditors remains a challenge for many audit departments. As internal audit leaders continue to struggle qualified additions to their teams, what areas should they be focusing on and what steps can they take? This feature story answers those questions.

2019-02-28 05:53:38

Interested in Becoming an IT Auditor? Here’s What to Know and Do

By Heather Dean Bennington

February 28, 2019

So, what exactly does an IT auditor do? In this article, we provide a broad breakdown of an IT auditor's responsibilities, the necessary skills to become one, how an IT auditor interacts with other roles throughout their organization, and more.

2019-02-19 05:42:19

Auditing The Supply Chain in 2019: What to Know and Why

By Karen Kroll

February 19, 2019

Much internal audit work has focused on financial transactions and controls. Now, many auditors are adding supply chain audits to their responsibilities. In this feature article, we've broken down some of the common risks associated with supply chains.

2019-02-12 05:29:25

How Internal Audit Can Benefit From the Three Lines of Defense Model

By Hernan Murdock

February 12, 2019

The Three Lines of Defense Model provides a framework to clarify the involvement and alignment of multiple assurance providers acting on behalf of their client organizations. It has become increasingly common to have various risk and control professionals working side by side to help their organizations manage risk and increase the likelihood of achieving strategic and operational goals.

2019-01-24 05:58:14

How People Decide: Setting the Stage for Optimal Decision Making

By Jill Schiefelbein

January 24, 2019

Most advice people have regarding decision making is along the line of, “weigh your options”, “get outside advice from a trusted source”, or “look at the cost-benefit or ROI”. That advice is fine and dandy, but it ignores one key fact: If the stage on which the decision is made isn’t set appropriately, the decision may not be the best. Here are four steps to set the stage for productive conversations and more efficient decisions.

2019-01-22 05:54:01

Privacy in the Age of Big Brother: What It Means for IT Audit

By Marcos Colón

January 22, 2019

Technology has impacted quite a lot, but privacy is likely what hits closest to home for everyone. Internal Audit Insights catches up with IHS Markit Internal Audit Director Tony Redlinger, who discusses what the state of privacy is today, and more importantly, what impact it has on the modern-day IT auditor.

2019-01-10 05:32:49

Women in Internal Audit: Opportunities, Challenges, and More in 2019

By Marcos Colón

January 10, 2019

Internal Audit Insights catches up with Nancy Luquette, senior vice president and chief risk and audit executive at S&P Global, who shares her take on the state of women in internal audit in 2019 and the challenges many female practitioners face, but more importantly, how they can overcome them.

2019-01-08 05:57:36

How Your Organization Can Benefit From Internal Audit Rotation Programs

By Hernan Murdock

January 08, 2019

As business processes become more complex, information more widely dispersed, and the risk environment more complicated, the need for internal auditors to adapt to this new environment becomes imperative.

2018-12-27 11:08:49

Internal Audit Insights Top 10 in 2018

By Marcos Colón

December 27, 2018

And just like that, another year has gone by. We've had a blast providing you with insights all throughout the year, covering audit report writing, project management, and coverage on emerging technology. Here we've compiled a list of the most read articles.

2018-12-20 09:38:43

The Dos and Dont’s of Navigating Touchy Audit Interviews Through Language

By Marcos Colón

December 20, 2018

Communication's expert Jill Schiefelbein chats with Internal Audit Insights and offers up her take on what makes audit interviews so difficult for the modern-day internal auditor, and also offers up specific advise you can use during your next audit interview to ensure you're navigating those encounters effectively.

2018-12-18 05:51:26

How Internal Audit Can Improve the Organization's Tone and Culture

By Hernan Murdock

December 18, 2018

The concept of “tone” plays a key role in the control environment of the organization. While it is set at the top, it should cascade without distortion or gaps throughout the entire organization.

2018-12-06 05:19:51

High-Impact Skills for Developing and Leading Your Audit Team

By Marcos Colón

December 06, 2018

MISTI’s Dr. Murdock shares what the status of the internal auditor is today, in addition providing some key audit leadership techniques that many up-and-coming audit leaders are commonly unaware of.

2018-11-20 05:23:27

How to Use Balanced Scorecards to Measure the Performance of Internal Audit Departments

By Hernan Murdock

November 20, 2018

The balanced scorecard is a system used to make sure business operations are aligned with the organization’s mission, vision, and strategy. Since it uses several measures to determine success, it helps those involved to balance what is achieved with how it is achieved. Here's how.

2018-11-06 05:45:05

Leveraging Virtual Team Meetings as Part of the Internal Audit Process

By Jill Schiefelbein

November 06, 2018

With increased access to cost-effective and user-efficient digital communication technologies that allow people to intentionally or spontaneously connect from any place, at any time, we have opportunities to collaborate like never before.

2018-08-28 05:21:45

Visual Cues to Make Your Audit Interviews More Manageable

By Jill Schiefelbein

August 28, 2018

We’ve provided tips on how internal auditors can become better presenters, but in this feature article communication’s expert Jill Schiefelbein highlights some visual cues internal auditors should take note of; from physical gestures to furniture placement.

2018-08-07 05:01:58

Leveraging Virtual Team Meetings: Four Tips for Success

By Jill Schiefelbein

August 07, 2018

With distributed workforces and flexible workstyles, virtual team meetings are becoming commonplace in the internal audit function. Many times, though, virtual meetings aren’t taken with the same level of seriousness as in-person meetings are.

2018-06-05 04:01:26

Closing the Internal Audit Talent Gap

By Karen Kroll

June 05, 2018

The internal audit function is not immune to the challenges that come with acquiring and retaining talented individuals in the department. In this article, we identify several strategies that can help you recruit talented internal audit candidates.

2018-04-26 10:56:18

How to Develop a Stronger Relationship with the Second Line of Defense

By Karen Kroll

April 26, 2018

In this feature article, we caught up with some top subject matter experts that shared their best advice on how internal auditors can develop stronger relationships with their colleagues in the functions that make up the second line of defense.

2018-03-22 06:36:53

The Fundamental Components of Evaluating Your Audit Team

By Jill Schiefelbein

March 22, 2018

Performance reviews are often viewed as arduous, time-consuming tasks. But they don’t have to be. Business communication expert Jill Schiefelbein dissects the two different aspects of evaluating one's audit team.

2018-03-06 06:12:38

5 Signs You Have a World-Class Audit Team

By Sarah Swanson

March 06, 2018

In this feature article, we catch up with one subject matter expert that discusses the qualities that world-class audit teams possess. Perhaps all these qualities are alive and spinning on your team right now. Or maybe the following will touch upon qualities worth recommitting to on your audit team.

2018-02-22 06:21:37

Preparing for the Future Class of Internal Auditors

By Marcos Colón

February 22, 2018

In this video interview with Glenn Sumners, Director of LSU's Center for Internal Auditing, he discusses what attracts his students to the internal audit program at LSU, what you can expect from the next crop of internal auditors, and how you can help them adjust to the internal audit department of today.

2018-01-30 06:36:11

Speed up Your Audit Team's Performance with Data Analytics

By Sarah Swanson

January 30, 2018

Given the talents and skills that auditors possess (analyzing data, spotting trends, forming conclusions), auditors are in a perfect position in a company to be part of data analytic innovation. This article proposes a plan to fill in the gaps and implement data analytics in the business.

2018-01-18 06:01:21

Effective Inclusion: 3 Strategies for Seeking Talented Auditors

By Sarah Swanson

January 18, 2018

Historically, the Internal Audit profession has not been a leader on the topics of diversity and inclusion. Internal Audit Insights recently caught up with Adam Rutan of Cardinal Health who shared his audit team's experience of how they redefined diversity and improved their audit function along the way.

2018-01-09 06:51:55

What to Expect from the next Crop of Internal Auditors

By Sarah Swanson

January 09, 2018

Because of technology and godlike accessibility, the new crop of auditors has a completely different paradigm, and previous generations must learn to connect with this generation to accomplish audit goals. With a widening skills gap between the top and the bottom students, we’ve compiled some ways to look for the worthwhile candidates for your company.

2017-12-26 06:12:00

Readers Choice: Top 10 Internal Audit Insights of 2017

By Marcos Colón

December 26, 2017

You picked them! Here's a look at the most read articles published on Internal Audit Insights in 2018. From building great audit teams to writing an audit report that gets results, you'll find a unique mix of some engaging content that answers some of your pressing questions.

2017-11-07 06:10:47

How to Attract and Retain High-Impact Internal Auditors

By Alec Arons

November 07, 2017

Whether the organization as a whole is onboard or not, corporate audit needs to develop and embrace programs designed to meet the needs of a changing workforce if they are to attract and retain top talent.

2017-11-02 06:36:09

Taking Your Audit Career to the Next Level: How to Separate Passion from Emotion

By Dan Clark

November 02, 2017

As an internal auditor, there's nothing wrong with having passion for what you do. Passion supports the search of truth and ensures objective momentum to a conclusion. But it's important to know that emotion, on the other hand, is not passion.

2017-10-31 06:03:00

Strategies for Building Killer Audit Teams

By Sarah Swanson

October 31, 2017

Whether you are creating an audit team, adding new auditors to your existing team, or flat-out enjoying audit like we do, read on for tips to creating an internal audit team with all the right flavors.

2017-10-26 06:49:17

Auditor Wanted: Must Have Cybersecurity Skills

By Shawna Flanders

October 26, 2017

Seeing as many IT audit positions require candidates to hold information security certificates, how do we as an assurance community prepare tomorrow's security-savvy workforce?

2017-10-24 06:41:32

Taking Your Internal Audit Career to the Next Level: Quick Tips to Express Your Team Support

By Daniel A. Clark

October 24, 2017

Believe it or not, some orchestral tunes offer up important bits of wisdom that can easily apply to the internal audit function. In part one of this two-part series, Dan Clark describes what internal auditors can learn from Joseph-Maurice Revel's "Bolero."

2017-08-24 06:30:49

Turning Front-Line Internal Auditors into Customer Service Envoys

By Karen Kroll

August 24, 2017

Leading internal audit departments are empowering their teams to handle auditees with the same care as they would treat customers.

2017-07-27 07:38:00

Tell Us How We Did: More Internal Audit Departments Surveying Auditees

By Karen Kroll

July 27, 2017

Customer service oriented internal audit departments are conducting surveys after audits to improve their own processes.

2017-07-13 07:20:00

Six IT Audit Hiring Mistakes to Avoid

By Joseph McCafferty

July 13, 2017

Hiring and retaining top IT audit talent has never been harder, but hiring mistakes can only complicate the issue.

2017-04-25 11:00:49

Four-Part Series: Creating a Customer Service Oriented Internal Audit Department

By Karen Kroll

April 25, 2017

More internal audit departments are calling the functions, units, and subsidiaries they audit by a new name—customers—and treating them as such.

2017-04-19 21:27:00

What Internal Audit Leaders Can Do to Foster a Customer Service Approach

By Karen Kroll

April 19, 2017

Chief audit executives and directors are building teams that are out to change the perception of internal audit.

2017-03-10 14:30:05

Competition for Candidates Driving Internal Audit Pay Higher

By Joseph McCafferty

March 10, 2017

The competition for internal audit talent remains fierce. Two new salary surveys out from recruiting and staffing companies find that salaries for internal auditors at all levels continue to grow at a brisk pace.

2017-02-14 14:56:59

The Customer Service Oriented Internal Audit Department

By Joseph McCafferty

February 14, 2017

By now, we've probably all heard as much as we care to about the need for internal audit to move from acting as a policing function to that of a trusted business partner. Indeed, many have moved in this direction during the last several years.

2017-01-10 21:51:49

Four New Year’s Resolutions for Every Internal Auditor

By Tom O'Reilly

January 10, 2017

As we say goodbye to 2016 and hello to 2017, it’s a good time to reflect on last year’s successes and missteps. The New Year provides a great chance to pause and consider some self-improvement opportunities and goals for the next 12 months.

2016-12-22 11:20:00

The Top 10 MISTI Internal Audit Articles of 2016

By Joseph McCafferty

December 22, 2016

It's been a busy year for internal audit. Below are the top 10, most read articles from MISTI's Internal Audit Insights for 2016.

2016-11-30 11:35:00

Internal Audit Budgets May Finally Be Getting a Boost

By Joseph McCafferty

November 30, 2016

After years of stagnation, companies may be finally ready to put more funding behind the internal audit function, says a recent study.

2016-11-23 09:07:00

Finding and Retaining Top Internal Audit Job Candidates

By Joe McCafferty

November 23, 2016

A conversation with Anne DeTraglia, director of internal audit at United Airlines, on staffing the internal audit department.

2016-10-26 11:30:00

Do Millennials Really Require a Different Management Style?

By Joseph McCafferty

October 26, 2016

Newsflash: Millennials don't stay in their jobs very long. They lack loyalty and focus. And they need oodles and oodles of positive reinforcement.

2016-10-07 14:30:00

Bridging Internal Audit’s Talent Gap

By Joseph McCafferty

October 07, 2016

Not only are salaries rising for internal auditors, making it more expensive to hire good applicants, but the array of skills needed for today's internal audit departments are incredibly varied.

2016-09-28 10:00:00

Internal Audit Executives Fret Over Talent Gap

By Joseph McCafferty

September 28, 2016

Difficulties finding job candidates with the right mix of skills among the top challenges for internal audit.

2016-09-28 09:08:00

MISTI on Audit: Top Attributes of a World-Class Internal Audit Department

By Joseph McCafferty

September 28, 2016

A look at some of the habits and characteristics that can take an audit department from good to great.

2016-09-21 10:08:00

MISTI on Audit: Why the Traditional Internal Audit Staffing Model Is Becoming Archaic

By Joseph McCafferty

September 21, 2016

It's no secret that internal audit departments are doing a wider variety of audits that increasingly take them outside the financial reporting sphere. They are also changing the way they staff the department to keep up with that trend.

2016-09-16 16:00:00

Some Internal Audit Departments Don’t Bother with Professional Standards

By Joseph McCafferty

September 16, 2016

Among the most important functions of internal audit's leading professional organization, the Institute of Internal Auditors, is to act as keeper and caretaker of the occupation's code of conduct, the International Standards for the Professional Practice of Internal Auditing.

2016-09-07 11:50:00

Internal Audit Pay Expected to Rise in 2017

By Joseph McCafferty

September 07, 2016

Salaries of internal audit and IT audit professionals are expected to increase by an average of 3.9 percent in 2017, according to the latest annual salary guide from staffing firm Robert Half.

2016-08-24 10:08:00

Kramer on Audit: Doing More with Less

By Joseph McCafferty

August 24, 2016

In this first installment of our new series, "MISTI on Audit," Joel F. Kramer, vice president of internal audit curriculum at MIS Training Institute, offers some advice for leaders of small audit departments on how to get the most out of a small team and a small budget.

2016-07-22 11:20:00

Help Wanted: Internal Audit Talent Gap Widening

By Karen Kroll

July 22, 2016

For the last few years internal audit executives have fretted over finding the right people to staff a department that is taking on several new roles. Now, it appears those concerns are only deepening. Among the top problems internal audit shops face is finding good people to hire.

2016-07-19 11:20:00

The Factors That Contribute to Internal Audit ‘Maturity’

By Joseph McCafferty

July 19, 2016

A new research report from The Institute of Internal Auditors Research Foundation finds a wide variety of factors influence the maturity levels of internal audit functions around the world.

2016-03-29 11:07:00

What Audit Committees Really Want from Internal Audit

By Joseph McCafferty

March 29, 2016

In this podcast, Joseph McCafferty, head of audit content at the MIS Training Institute, talks with Blythe McGarvie, an author, speaker and director on several corporate boards. She is also chair of the audit committee at Viacom.

2016-03-16 12:00:00

Internal Auditors Assuming More Strategic Roles

By Joseph McCafferty

March 16, 2016

Internal auditors are making progress at carving out a more strategic role for themselves and are gaining influence with management and the board at their organizations, according to a new report out earlier this month.

2016-03-09 15:00:00

Small Internal Audit Shops Struggle With Quality Reviews

By Joseph McCafferty

March 09, 2016

No one doubts the value of conducting a Quality Assurance Review (QAR) to gauge how well the internal audit program is meeting its goals.

2016-02-18 08:00:00

Hallmarks of a World-Class IT Audit Shop

By Fred Roth

February 18, 2016

As the use of information technology continues to proliferate so do the associated risks organizations face.

2016-02-04 16:07:00

Changing Standards for a Changing Profession

By Joseph McCafferty

February 04, 2016

Earlier this week the IIA proposed changes to its International Standards for the Professional Practice of Internal Auditing, which guide effective and acceptable professional practices and behaviors.

2016-01-15 11:14:00

Beyond the Usual Suspects

By Joseph McCafferty

January 15, 2016

Having trouble finding talented individuals to fill internal audit roles? Maybe you’re looking in the wrong places.