» Articles posted by Liz Meyers

Quick Way to Know if Your Internal Audit Team is Adding Value…Ask!

Most consumer-centric organizations know that the best way to find out if a product or service meets or exceeds expectations is to ask customers – the people who use that product or service. The same holds true for your internal audit team. Who are your customers? Governance (i.e. Executives and the Audit Committee). With this […]

Writing the Audit Report

Have you ever agonized over writing an internal audit report? Maybe you aren’t sure how to state a finding that may be arguable or you notice that the draft of audit report is so long no one will read it. Or maybe you have received feedback on previous findings in your report that effectively meant the audit customer didn’t see any value your report. Here are some simple ideas that will help you reduce the agony of report writing.

Magnifying Your Success

Are you delivering value? The research shows that while many internal audit teams believe they are delivering on the value proposition, their primary audit customers, have mixed results on how well they are delivering on the value proposition, especially when focusing on the core element of insight.

Forget Resolutions – Create a Theme

At the start of each new year, we feel compelled to make a resolution to change some aspect of ourselves. Most of us will break that resolution within a few weeks. So this year, lets forget about the resolution and create a theme about what we want to focus on over the year.

Wall Street vs. Sarbanes Oxley

In three years since the start of the US Financial Crisis, not a single high-ranking Wall Street executive has been prosecuted by the Justice Department for breach of the Sarbanes Oxley Act of 2002 (SOX). Is SOX unenforceable? What would happen to controls if SOX was repealed?

Annual Audit Planning

Create an rolling audit plan that will please the Audit Committee while meeting the business’ needs.

Utilizing Limits of Risk

Once approved “limits of risk” (risk tolerance) are obtained, internal auditors must assess if the limits are excessive or too conservative.

How Much Risk?

To be successful, every business must take some degree of risk. To truly understand if controls are working effectively to manage these risks, it is important to know how much risk your organization’s governance is willing to accept.

Five Key Imperatives for Internal Audit

Richard Chambers, President and CEO of The Institute of Internal Auditors, spoke of the Five Imperatives for Internal Audit at the 2011 Houston IIA Conference this Spring. In this newsletter, I share these imperatives with you. Internal audit teams that utilize RBIA should be happy to know they are ahead of the crowd.

A Simple Test for Your Internal Auditors

Try this simple test to determine how effective your internal audit department is, especially if your company is in a cost reduction mode in order to compete.