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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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."
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.
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.
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.
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.
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.
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.
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.
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.
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.