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Lessons from Big Scandals: How Internal Audit Could Have Helped Prevent the Next Enron
Every time a high-profile corporate scandal breaks, the public, investors, and regulators ask a familiar question: “Where were the auditors?” Although external auditors often face the brunt of this scrutiny, there’s a parallel responsibility for internal audit (IA)—the function that’s embedded within the company, meant to provide continuous risk oversight, discover control weaknesses, and unearth…
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The Psychology of Auditees: Why People Fear Audits and How to Ease Their Anxiety
1. Introduction: Understanding the Emotional Landscape of Auditing Auditing, at its core, is about examining processes, controls, and performance to ensure that an organization runs effectively, ethically, and in line with laws and standards. Yet despite these constructive aims, many auditees (the people and departments being audited) experience profound anxiety or outright resistance when they…
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(UK) Navigating UK Regulatory Compliance: Key Challenges for Internal Auditors Post-Brexit
When the United Kingdom officially left the European Union, it triggered one of the most significant regulatory overhauls in recent British history. While many rules were initially “copied over” to maintain continuity, the UK is now free to amend, replace, or diverge from EU regulations on data privacy, financial services, trade, consumer protection, and more. For organizations operating in…
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(UK) Preparing for UK SOX: Internal Audit’s Role in the 2024 UK Corporate Governance Code Changes
The year 2024 marked a watershed moment for UK corporate governance. Spurred by high-profile corporate collapses and calls for stricter accountability, the UK Corporate Governance Code is slated for a series of changes that closely mirror the United States’ Sarbanes-Oxley Act (often abbreviated as “SOX”). While the UK has long maintained a principles-based approach to governance, recent…
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Internal Audit Sourcing Options: In-House, Co-Sourced, or Outsourced?
Choosing how to structure your internal audit function is a pivotal decision. Whether you keep it fully in-house, bring in external help via co-sourcing, or outsource it entirely, each model has distinct advantages, drawbacks, and implications for organizational culture, cost, and control. As businesses evolve, some revisit this “make-or-buy” decision every few years, especially when facing skill shortages, expanded…
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The ROI of Internal Audit Co-Sourcing: Making the Business Case
As organizations face increasingly complex risks—from cybersecurity threats and regulatory scrutiny to rapid digital transformations—internal audit plays a vital role in ensuring effective controls, governance, and strategic alignment. Yet many audit departments struggle with limited resources, specialized skill gaps, or surges in demand that surpass their in-house capacity. Co-sourcing—bringing in external auditors or consultants to supplement the…
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How to Select an Internal Audit Consulting Firm: From RFP to Onboarding
As demands on internal audit evolve—from tackling advanced analytics to ensuring robust ESG oversight—many organizations seek external consulting support. Whether you need specialized expertise, additional capacity, or a fresh perspective, engaging an internal audit consulting firm can be a strategic move. However, choosing the right partner requires careful planning, from defining your requirements and crafting a Request…
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When to Co-Source Your Internal Audit: 10 Signs You Need External Help
Organizations rely on internal audit to provide objective assurance, risk insights, and practical recommendations. Yet, no matter how capable an internal audit department may be, there are times when co-sourcing—engaging external experts or consultants to complement your in-house team—delivers indispensable value. Co-sourcing isn’t a sign of weakness; rather, it’s a strategic choice to tackle specialized…
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Becoming a Chief Audit Executive (CAE): Skills & Steps to Advance Your Career within Internal Audit
Stepping into the role of Chief Audit Executive (CAE) is a pinnacle achievement for professionals in the internal audit field. As the top champion of risk assurance, governance, and strategic insight, the CAE influences board-level decisions, steers the audit strategy, and shapes the ethical tone of an organization. Yet the path to the CAE chair requires more…
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Risk-Based Auditing 101: Prioritizing Audits Using Risk Assessments
Effective internal auditing hinges on one simple but powerful principle: focus your resources on what matters most. Risk-based auditing provides a systematic way to do exactly that. By identifying the areas of greatest risk to the organization—whether financial, operational, or strategic—audit teams can channel their time and skills into the places where oversight will yield…
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