Categories
Auditing

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 risk. Granted, reporting risk holds a special place in the pantheon of enterprise risks, critical to obtaining and maintaining financing, but still.

Why is internal audit content with naming itself only in terms of where its practitioners reside in relation to the organization under audit? Seems quite narrow and vague. Given that IA concerns itself with all enterprise risks, it makes more sense to me to called it Enterprise Audit. This would also dovetail nicely with Enterprise Risk Management. ERM and EA, two sides of the governance coin.

Better branding in this manner would attract more and higher quality people to the profession as well. It sounds far more interesting and rewarding to be in the business of enterprise auditing than internal auditing.

What do you think? Is it too late in the game to make a change like this? Does it matter, so long as those in business understand the role and responsibilities of the auditors?

Categories
Marketing

Accounting firms are not marketing with blogs

Law firms continue to outpace accounting firms when it comes to harnessing the power of blogs to market their services to current and potential clients. A recent post by Michelle Golden asks the question “Isn’t Your Firm Blogging Yet?” and the answer apparently is no.

The post quotes this one from LexBlog founder Kevin O’Keefe, which brings to my attention that 53 of 200 AmLaw firms have a blog (or sometimes more than one). There is no comparable data for accounting firms, but Michelle maintains a pretty comprehensive list of accounting related blogs on her site, which includes my own.

(My views do not represent those of my accounting firm, but you can find my latest post on the BDO.ca home page as of this past weekend. In a sense, you can say BDO in Canada blogs.)

Seems like a good time to reprise an article I wrote about a year ago for Canadian accounting and finance industry publication The Bottom Line. It was titled
Blogs can be important marketing tools“, but I don’t think the title was insistent enough because the message hasn’t been heeded within the profession it seems.

Blogs are all about having more personal and meaningful conversations with an audience about a topic. When you’re an accountant or accounting firm, blogs are a way to reach people interested in your expertise, whether they’re fellow accountants interested in discussing the profession or potential clients looking for an accountant with an aptitude for technology and an ability to stay on top of the trends.

This stuff still rings true, so take mine and Michelle’s and Kevin’s advice: Get started with your blog today.