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Stewardship, Civilization, Risk, and Trust – Examining the Philosophical & Civilizational Dimensions of Internal Audit
Imagine an organization—maybe a big company producing electronics, a bank handling your savings, or a hospital caring for patients. Beneath the surface, countless decisions and transactions occur every day. How do we know that the numbers reported are accurate, that employees follow ethical rules, and that money isn’t leaking away through hidden shortcuts? Enter internal…
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Empowering the Internal Audit Function: Strategies for Increased Influence, Stature, and Power
Stature, power, and influence are critical for internal audit functions to excel in their roles and make a meaningful impact within the organization. Establishing stature is essential for senior directors and chief auditors in internal audit. It involves building a reputation for expertise, credibility, and professionalism. By consistently demonstrating their knowledge, experience, and competence, auditors…
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Top Fears Surrounding Internal Audits: Addressing Concerns with Simplicity and Engagement
Internal audits are vital for organizations, providing independent assessments of risk management, controls, and governance. However, internal audits often evoke apprehension and fear among individuals and departments within the organization. This article aims to explore the top fears people have of internal audits, with a focus on functions and readers currently undergoing audits. By understanding…
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Unleashing the Power of Numbers: Why Internal Audit Needs to Embrace Advanced Math
In today’s complex business environment, internal auditors play a crucial role in providing assurance and advisory services to organizations. Traditionally, internal auditors have relied on their knowledge of accounting principles and financial analysis to assess risks and evaluate controls. However, as technology advances and data becomes increasingly abundant, the need for internal auditors to embrace…
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Leading the Charge: How CAEs and Senior Directors can Use Internal Audit to Revolutionize Communication and Collaboration within their Firms
Gone are the days when internal audit is seen as a separate and isolated function within organizations. Today, there is a growing trend of using internal audit as a platform for communication and collaboration among senior leaders, different business functions, and units. This cutting-edge idea is no longer a pipe dream, as some firms have…
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Reasonable vs. rational – why internal auditors are better served by being reasonable rather than being obsessively rational
In the field of internal auditing, where attention to detail and logical reasoning are vital, it is important to distinguish between being reasonable and being excessively rational. Rationality is commonly associated with objective decision-making based on data and logic. However, reasonableness encompasses a broader perspective that acknowledges the influence of human behavior and subjective factors.…
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Three reasons no one reads your internal audit reports
It’s sad and frustrating when no one reads your team’s or your department’s audit reports. Sure, your auditee may look at the report, but when no one across your firm really cares about what internal audit has to say, it has a toxic and insidious impact on all internal auditors in the firm (both short…
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Category: Audit & Corporate Life
The human and cultural side of audit and corporate life, observed with insight and a sense of humor. This collection covers organizational culture, the quirks of corporate life, the complexity auditors navigate, and thoughtful commentary on how people and organizations really behave, a welcome change of pace from the technical material.