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20989The Audit Report

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  • Dan Swanson
    Mar 2


       

       


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      Tell Us How We Did: More Internal Audit Departments Surveying Auditees
      Over the past few years, more internal audit departments are seeking to shed their reputation as the company’s monitors and provide more value and service to those they audit. But how does internal audit know if it’s meeting those goals? Some are simply asking. Borrowing a common tool of the customer service department, more internal audit departments are turning to customer satisfaction or exit surveys to gather feedback on audits from the auditees’ perspective with an eye toward improving the audit experience and proving more value to process and function owners.
      Taking a Novella Approach to Internal Audit
      The few references to internal auditors in television, movies, and books either confuse them with accountants or portray them as nerdy paper-pushers. This non-existent or negative portrayal so bothered Wa'el Bibi, a former internal auditor and current internal audit consultant, that he decided to do something about it. Bibi authored a short book of fiction, The Internal Auditor, which includes a hero internal audit protagonist who draws on his full complex of talents to uncover a burgeoning corporate fraud and save the day.
      Five Reasons to Audit the Risk Management Function
      Whether an organization's risk management function is focused on traditional insurable risks or broader enterprise-wide risk management, an audit of the risk management function should be among the first priorities for a chief audit executive. If a separate risk management department does not exist, the role of internal audit in risk management is even more important as fewer resources are dedicated to the process of identifying and evaluating risks and ensuring appropriate risk responses are intact. With this in mind, here are five ways organizations can benefit from having internal audit evaluate the risk management function.
      Looking for more knowledge on internal audit? Explore the Internal Audit and IT Audit Book Series. The goal of the series, edited by
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