Most Chief Audit Executives (CAEs) struggle with justifying the level of internal audit resources. When internal audit is viewed by stakeholders as a “cost center” this is an annual challenge justifying headcount and annual budgets, especially when the organization is in cost-cutting mode. Many in the profession advocate using benchmarking as a way to “right …
Continue reading “E9: Right-Sizing Internal Audit – Benchmarking is Barking Up the Wrong Tree”
Many professionals get caught in a CPE mindset when it comes to professional development. A CPE mindset will not get you promotions or new positions. In the knowledge revolution, we have to become lifelong learners – those concerned with learning and growing each day, week, and month – not just completing hours of random CPE …
Continue reading “E8: Moving from a CPE Mindset to Lifelong Learning”
As auditors we audit the effectiveness of controls and make recommendations for improving controls. If we are not careful, what we may actually do is recommend ineffective controls or try to over control our organizations, effectively strangling the organization and making it more difficult to achieve objectives. Here’s a case study showing some ineffective and …
Continue reading “E7: Ineffective Controls – Case Study from a Large Bank”
Jason Mefford is joined by Dan Clayton, for a discussion of how internal audit is evolving and changing, driving some of the updates to Sawyer’s Internal Auditing, 7th edition. Information in the International Professional Practices Framework (IPPF), the Internal Audit textbook, and CIA Review Course materials, provide a basis for how to practice internal auditing, …
A recently released study from the AICPA and NC State show that despite the constant drumbeat for improving and formalizing risk management processes, most organizations are still way behind in their efforts. When 60% agree the volume and complexity or risk have changed extensively over the last five years, and 65% of boards are call …
I spent the last several months interviewing many chief audit executives (CAEs) from all over the world to gain a better understanding of the current state of internal audit. What I found is that not only is the pace of change accelerating at an alarming rate, but along with the mounting challenges come plenty of …
Continue reading “E4: Internal Audit Must Embrace Change, or Sink Like a Stone”
When we try to go through this thing called life and our career alone, the road is hard and usually full of landmines. It’s better to admit we need help and create or join a group that can be a support network and group of advisors before the stress and pressures from work spill over …
Continue reading “E3: Creating a Support Network and Some Werewolves in London”
Many support functions in organizations want to be seen as a “trusted advisor” to the business, and internal audit is no exception. There is an aspiration to provide value, so we work really hard proving to ourselves that we are adding value, but other don’t see it and tend to runaway. “And I wonder, I …
In this first episode of Jamming with Jason you’ll hear a little ditty about the show – format, content, and why this show is being produced. We’ll also discuss some of the elephants in the room related to internal audit, the topics of many future shows. This is a real and unscripted show about what …
Continue reading “E1: A Little Ditty and Some Elephants in the Room”
