In this weeks’s video I talk about about modifying your annual audit plan based on the most impactful event we have experienced in over 100 years.
I hear many CAEs just talking about doing their established audit plan virtually (the whole social distancing discussion) but they miss the mark in realizing that taking a risk-based internal audit approach means you probably need to significantly modify your audit plan for this next year. This event will have a significant impact on most of your organizations.
In the May 2020, CAE Forum group call we will be going into detail on how you can do exactly this.
Normally I don’t admit new members to the CAE Forum unless we are in open enrollment, but I realize many people are interested in the this topic and would like to participate in the May call … so I’m allowing those interested to join the CAE Forum now so they can participate in the May call.
To join CAE Forum where we talk about unique challenges of being a Chief Audit Executive each and every month, visit: https://jasonmefford.mykajabi.com/caeforum and see if it is right for you. If you are tired of doing things by yourself all alone on your island, this may be just what you are looking for.
Also, I know many of your and your teams are looking at ways to up-skill during this time of uncertainty when many of you are working remotely.
cRisk Academy has hundreds of internal audit courses available on-demand where you can earn CPE virtually, at about the same investment you would normally spend going to a local chapter meeting, but the on-demand courses you can take any time, any where, and on any device.
In March 2020, cRisk Academy gave away over $75,000 in free and discounted courses to the internal audit community. In April 2020, they are offering a 50% discount on all their courses.
For you and your team to take advantage of this special opportunity all you need to do is:
- Use this link to sign up for a free account: https://ondemand.criskacademy.com/?affcode=105582_jpp6czlf
- Use coupon code: APRIL2020-50 when they register for any courses.
- They can use the coupon for any and all courses, as many times as they want until the coupon expires the end of April.
I hope this helps you and your team members during the current period of uncertainty. It can literally save you thousands of dollar in your training budget this year.
Stay safe my friends, and I’ll talk to you next week.
Transcript
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Jason Mefford: Welcome, my friends to another episode of The chief audit executive briefing. Hey, I’m coming to you today a little bit more casual I
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Jason Mefford: You know with being in so much. I’ve been watching a lot of movies and TV with my with my wife in the evening and last night. We watched the movie, The Big Lebowski again. So I had to wear my Big Lebowski sweater today.
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Jason Mefford: Just one of those weird things about me.
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Jason Mefford: Anyway, today or this week. I wanted to talk to you a little bit about modifying your audit plan and I’m going to get into that in just a minute.
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Jason Mefford: But first I wanted to make sure there’s a couple of announcements that I wanted to give you as well. And the details about this are in the email.
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Jason Mefford: But first off, see risk Academy, which is the largest online webinar and certification platform for internal auditors.
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Jason Mefford: This last month has been trying to help out with all of the things that we’re going through
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Jason Mefford: So last month they gave away about over $75,000 worth of free courses or discounted courses to people and this month in the month of April.
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Jason Mefford: They’re actually offering all of their courses for 50% off. So I wanted to make sure that you and your team also have the opportunity to be able to take advantage of that.
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Jason Mefford: You know, with so many people working remotely right now. A lot of people are looking at using some of this time that they have away from the office to be able to get trained
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Jason Mefford: To get some of their CP hours for the year, but also to up level their skills so that when we get through this. They’re ready to go. OK.
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Jason Mefford: So again, the information for that is in the email but through the month of April, you can you and your team can save 50% on all of the courses at sea risk Academy
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Jason Mefford: That even includes the certification courses. So literally, this can save you thousands of dollars for your team in training this month. So I want to make sure that you’re aware of that, so that you can take advantage of that.
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Jason Mefford: Now let’s get in and talk a little bit about modifying your audit plan. There’s lots of news everybody’s talking about coven coronavirus whatever you refer to it as
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Jason Mefford: And in talking with a lot of Chief audit executives, what I find is, you know, whenever something like this happens the first reaction is we’ve got to jump in and help out.
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Jason Mefford: So many of you are helping with, you know, business continuity planning.
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Jason Mefford: Going through some of the plans, trying to figure out, you know, how are we going to start doing or finish up some of these audits that we’ve been doing remotely.
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Jason Mefford: In a virtual manner. And so you’ve been spending some time doing that now. That’s important because that’s the immediate need but now as an executive leader, you need to start looking at the mid to long term impact. This is going to have and how you are going to do things different.
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Jason Mefford: Now again, regardless of your opinion of what we’re going through, whether you think it’s an overreaction or not.
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Jason Mefford: Here’s what I’m going to tell you is as as I’m talking to a lot of Chief Executives, they’re more concerned about, oh, gee, how are we going to do audits remotely. How are we going to do them virtually
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Jason Mefford: Well, that’s okay. To begin with, but the reality is, this is probably the largest impact event that we have experienced in about 100 years
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Jason Mefford: And as a result of that, because those things have changed the risks to your organization have changed.
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Jason Mefford: And so like I said, a lot of chief executives are just trying to think, well, how am I going to do my audit plan remotely that I’ve already planned.
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Jason Mefford: At. Okay. The reality is your audit plan probably needs to change significantly
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Jason Mefford: Because the risks and the impacts that this is going to have on your organization are totally different than when you started your audit plan and you came up without a few months ago.
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Jason Mefford: Okay, if you’re really taking a risk based internal audit approach your audit plan should change. And it’s probably going to change pretty significantly. Okay.
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Jason Mefford: Now, if you’re not quite sure how to do that. That’s all right. One of the things we’re going to talk about in the chief audit executive forum call in May at the beginning of May.
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Jason Mefford: Is how to do exactly that. What are some things that you can start thinking about now that you can start planning for so that you can actually modify your audit plan.
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Jason Mefford: Because what I can tell you is if you’re not going to modify your audit plan, you’re probably going to be seen by others in the organization as even more irrelevant. That’s the way that you’re that that they’re thinking of you, okay.
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Jason Mefford: Now I normally do not let people into the forum unless we’re in an open enrollment period, but because these are extraordinary circumstances. If you would like to be involved in that call that we have in May.
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Jason Mefford: Here’s what you do. Send me an email back and just say that you’re interested or you know forum or
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Jason Mefford: Audit plan reply back to me with a very quick response and what I will do is I will forward you a link so that you can get signed up. We can have a call and talk about it so that if you want to get into the forum now.
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Jason Mefford: And be able to be on that call in May, that we can get you in for that. OK. So again, if you want to be involved in that call that just reply back to this email with something simple like forum interested, you know,
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Jason Mefford: Changing my audit plan, something like that. And I will just respond to you with a link so that we can get set up.
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Jason Mefford: Because here’s the reality we don’t know what the future is going to be, but we can start to have an idea of what it may look like
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Jason Mefford: And that’s what we’re going to go through and talk about some of the things, some of the ways that this may actually impact.
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Jason Mefford: Things like consumer buying preferences. How we do work. How are you know what what organizations or what industries may be less relevant in the future.
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Jason Mefford: And so again, we’ll kind of step step by step through that so that you can start thinking about that and actually modify your audit plan.
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Jason Mefford: So that’s what I have for this week. Try to keep these short but again if you’re interested in that just reply back to this email.
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Jason Mefford: Also as a reminder, if you and your team wants to take advantage of that 50% off discount that see risk is running in the month of April.
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Jason Mefford: The details are in the email just click on the links or if you have any questions, let me know. And with that, my friends. Have a great rest of your week and I’ll talk to you next week.
