Celebrating Internal Auditors

We recently celebrated Internal Audit Appreciation Month but to be honest, we think internal auditors deserve recognition year-round. Their behind-the-scenes work to manage risk and shape the future for businesses and organizations is often unsung but of great significance to those they serve.

Part of our celebration included conversations with some of our subject matter experts. In case you missed it, here is what they had to say…

We’ll start with Hal Garyn, owner, Audit Executive Advisory Services LLC. You can read our notes on his answers or watch the full interview segments below.

What are the biggest challenges and opportunities in internal audit?

Notes from Hal:

• We are currently facing dramatic proposed changes to the standards. Are they really synonymous with quality internal audit?
• Technology adoption – internal audit has already struggled with adopting technology to the level it needs.
• Risk is popping up in places at a speed or velocity that is clearly unprecedented, so we need to do our best to look ahead regarding changing risk. The days of internal audit being able to provide hindsight are over… it’s time for us to provide foresight.

Why is CPE training such a priority in internal audit?

Notes from Hal:

CPE in ongoing training has always been a priority. There are some great free webinars out there, but sometimes it can be a manner of chasing hours and it’s like junk food… satisfies you for a little bit and then you’re hungry. You need to be positioning yourself as an asset to your company and adding things to your resume that differentiate you. Have a professional development plan that aligns with what your organization needs and what you need.

What are your favorite audit resources?

Notes from Hal:

• I hate to name specific companies or products, but I think in the end, where do we go? We go to Google…
• Generative AI in general might replace much of what we currently use search engines for.
• For training and development, I have gotten most of my professional development from CRISC academy, ACI Learning and IIA….
• Key insight: The most expensive is not always the best. Find the right resources for your needs and then find ways to fund them.

Next up, we talked with Rob Clark, Chief Audit Compliance Officer, Howard University

What are the biggest challenges and opportunities in internal audit?

Notes from Rob:

• Opportunity to incorporate data analytics.
• Addressing emerging technologies, especially AI, and increased risk of cybersecurity
• The best way to add value is to up our skill sets and coverage of these areas.
• Third party risk management

Why is CPE training such a priority in internal audit?

Notes from Rob:

• Internal auditors MUST (not should) enhance their knowledge, skills and other competencies through ongoing professional development.
• Must continue to learn and grow and enhance skill sets. Be committed to the pattern of lifelong learning. Constantly stay ahead of what’s coming down the pike.
• Don’t just check the box for CPE: Select areas that add significant value to our organizations.

What are your favorite audit resources?

Notes from Rob:

• Being aware of current and emerging areas of risk, I like to focus on a variety like trade publications, organizations, associations, subject matter experts in those disciplines, monitoring regulations.
• Beyond that, looking for areas where I can enhance my skills – there is no better place than ACI Learning. I am honored to be part of the team because I see the value and commitment to the quality of content and quality of delivery.
• Look broadly at all different data points and what they’re doing. But when you want to get tools, techniques, and templates, ACI Learning is the place to go.