Renaming internal audit to better represent its stature

Internal audit. The name leaves something to be desired, in my opinion, and unless you’re familiar with IA, it could be a bit confusing. It also creates this false dichotomy with external audit that really doesn’t exist. Within the IA context, the audit of financial statements is supplemental and focused on only one risk: reporting […]

I need to be Certified

Having spent the past 3+ years in internal audit, first for a global building materials manufacturer and now with a Canadian retailer, I figured I ought to go for the certification and make it official. So, a couple months ago I committed to earning the Certified Internal Auditor (CIA) designation. The first step was to […]

IIA and ISACA pool resources and expertise

At the end of September the IIA and ISACA announced they had reached an agreement to “create a basis for cooperation and collaboration” between the organizations. The agreement is formalized in a Memo of Understanding that has been signed by both parties. The MoU lists a few areas where this agreement makes cooperation possible: Speaking […]

Outsource internal audit for greater objectivity

That’s the recommendation from the Institute of Chartered Accountants of India (ICAI), as reported by The India Express: “In the high-powered committee report on Satyam scam, we have proposed that internal audit should be outsourced and not be in house so that there is more independence. If the auditor is from the organisation, it is […]

E&Y: Internal Audit should drive strategy

BusinessDay, a South African business news website, published a recent article referencing an E&Y study involving “more than 100 industry analysts from more than 20 disciplines”: Organisations need to break out of the compliance cocoon and evolve into a fully fledged leadership role that delivers real value to the business. In the current economic climate, […]