Emily May Mara’s Post

By now everyone likely knows it's Internal Audit Month - formerly known as Internal Audit Awareness Month. I like the way The Institute of Internal Auditors Inc. has rebranded the month - taking the emphasis off of "awareness about who we are" and shifting it to a "celebration of what we do!" But this month also presents an opportunity to reflect on ourselves and what the future might hold if we are too complacent. Check out my new AuditBoard blog to learn more. #Internalaudit #IIAMay #Internalauditmonth #complacency #thefuture

Internal Audit Month isn’t just about celebrating the vital role of internal audit; it's about planning for the future. Richard Chambers shares insights on strategically planning internal audit's role to ensure that we remain indispensable to organizations. https://lnkd.in/g9hkif6u #InternalAuditMonth #WeAreInternalAuditors #IIAMay

May is the Internal Audit Month, where we should celebrate their vital role in helping businesses thrive and proactively manage the business risks. It is also rightly mentioned in this article that "Internal auditors should cultivate recognition of our role and value year-round, not just one month per year. But change must start at home, because the biggest uncertainty facing the profession isn’t whether organizations will need what internal audit does, but whether they’ll need us to do it." #internalaudit #theiia #internalauditor #audit #InternalAuditMonth #MayIsInternalAuditMonth

May is Internal Audit Awareness month! In a landscape where trust and transparency are vital, May marks the celebration of internal auditors. These professionals play a pivotal role in providing invaluable insights to their clients and organisations, ultimately enhancing efficiency, effectiveness, compliance, and transparency, all while championing accountable and ethical decision-making. Their responsibilities transcend mere number-crunching; they serve as the custodians of integrity. From meticulously analysing financial records to evaluating operational and non-operational processes, they deliver critical reports to Boards, Councils, Governing Bodies, Audit, and Risk Committees, empowering strategic and operational decision-making. Yet, their impact extends even further. By identifying risks, weaknesses, and root causes, they help strengthen defences and guide organisations through turbulent times characterised by evolving requirements, systems, and technology. Their insights aren't solely focused on risk mitigation, they’re about seizing opportunities for improvement and growth. If you would like to learn more about OCM’s Internal Audit services, and how we add value to our clients, visit our website: www.ocm.net.au/assurance/. #internalaudit #internalauditawarenessmonth #iia Cathy Blunt Judy Malpas Wayne Gorrie Pamela Robertson-Gregg

𝐑𝐞𝐥𝐲𝐢𝐧𝐠 𝐨𝐧 𝐏𝐫𝐢𝐨𝐫 𝐘𝐞𝐚𝐫 𝐖𝐨𝐫𝐤𝐢𝐧𝐠 𝐏𝐚𝐩𝐞𝐫𝐬 Today, I found myself in a familiar yet crucial conversation with one of my seniors. We were defining the risks in our audit engagement and discussing the necessary steps to mitigate them. I reviewed the memo he had prepared, which was quite lengthy and wordy. After some back-and-forth discussions and multiple revisions, my senior, in frustration, asked me: "𝐓𝐡𝐢𝐬 𝐰𝐚𝐬 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐦𝐞𝐦𝐨 𝐩𝐫𝐞𝐩𝐚𝐫𝐞𝐝 𝐥𝐚𝐬𝐭 𝐲𝐞𝐚𝐫. 𝐖𝐡𝐲 𝐚𝐫𝐞 𝐲𝐨𝐮 𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐭𝐡𝐢𝐬?" 🤔 How many of you have heard that before?? As auditors, this is a common refrain we hear, but it highlights an important lesson: 𝐰𝐞 𝐜𝐚𝐧𝐧𝐨𝐭 𝐫𝐞𝐥𝐲 𝐬𝐨𝐥𝐞𝐥𝐲 𝐨𝐧 𝐩𝐫𝐢𝐨𝐫 𝐲𝐞𝐚𝐫 𝐰𝐨𝐫𝐤𝐢𝐧𝐠 𝐩𝐚𝐩𝐞𝐫𝐬. Here's why: 𝐄𝐯𝐨𝐥𝐯𝐢𝐧𝐠 𝐑𝐢𝐬𝐤𝐬: Every year brings new risks and challenges. What was relevant last year might not be applicable this year. It's our duty to identify and assess the current environment, not just rubber-stamp past assessments. 𝐐𝐮𝐚𝐥𝐢𝐭𝐲 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬: Internal disagreements or oversights need to be addressed rigorously. If our internal challenges are not covered adequately, how can we expect our work to pass quality standards when reviewed externally? 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐨𝐮𝐬 𝐈𝐦𝐩𝐫𝐨𝐯𝐞𝐦𝐞𝐧𝐭: Audit quality hinges on continuous improvement. Relying on past documents without critical evaluation stifles growth and compromises the integrity of our work. 𝐅𝐫𝐞𝐬𝐡 𝐏𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞: Every audit engagement is an opportunity to bring a fresh perspective. New insights can lead to better risk identification and more effective mitigation strategies. Let’s embrace the challenge of improving our work continuously. Prior year papers are a reference, not a final answer. Every audit is unique, and our approach should reflect that. Remember, quality in our work today ensures the credibility of our audits tomorrow. #AuditQuality #ContinuousImprovement #RiskManagement #Auditing #ProfessionalGrowth

It's Internal Audit Awareness Month!!! May is Internal Audit Awareness Month, and I wanted to take a moment to give a shoutout to everyone in the internal audit community. As internal auditors, we do a lot to enable the achievement of our organizations objectives by providing assurance that our organizations on track, ensuring everything's running smoothly and efficiently. Many still think our role is about ticking boxes and finding errors this is not exactly true.Our role in the organisation help companies succeed by managing risks, safeguarding assets, and promoting transparency. When we do our jobs well, everyone wins. This month, let's focus on a few key things: - **Raise Awareness**: Talk about what internal audit is all about. Share why it matters and how it helps our organization. - **Share Knowledge**: If you can, host a workshop, a lunch-and-learn, or a virtual session to help others understand what we do. - **Show Appreciation**: Give a high five 🖐️ (or a virtual one) to your fellow auditors and anyone who supports our work. Here's to celebrating Internal Audit Awareness Month! Let's continue to make a positive impact and keep our organizations strong, compliant, and ethical. Giving a shout out to Internal Audit though leaders I follow and enjoy thier insights shared here on LinkedIn Richard Chambers Alaba Awolaja, 𝗖𝗜𝗔®, 𝗖𝗖𝗙𝗜 Dr. Rainer Lenz Anthony Pugliese Robert Berry Hal Garyn #InternalAudit #AuditAwarenessMonth #RiskManagement #Compliance

Internal Audit’s toolbox is expanding. If a key risk is known and processes already exist to manage it, Internal Audit can audit those processes. If a key risk is known and processes are being established to manage it, Internal Audit can provide assurance that the processes will be designed to manage the risk as intended. If a key risk is known and relevant but there are no plans to manage it, Internal Audit can advise and help establish governance processes if needed. This includes advising on and documenting a pilot program and roles and responsibilities, as well as monitoring and reporting on the performance of the pilot program. If a risk could be key, and it is unknown to the company, Internal Audit can research, create awareness of, and understand if the risk could have significant impact on the companies success through interviews with key personnel internal and external to the company. Internal Audit leaders who aim to lead more risk-focused Internal Audit teams will find themselves more frequently re-assessing their internal audit plan and specifically how their resources can be allocated across the different types of assurance and advisory services described above. And they will also find themselves more actively communicating and validating how their resources are allocated with their functional and administrative managers. AuditBoard #InternalAudit #EnablingPositiveChange

Embracing Excellence – Celebrating Internal Audit Month! May is not just a month on the calendar; it's a testament to the dedication, precision, and commitment that internal auditors bring to the table every single day. Let's take a moment to reflect on the invaluable role we play in safeguarding the integrity, efficiency, and success of our organizations. We are proud internal auditors, we stand as the guardians of accountability, integrity, and trust within our organizations. With meticulous attention to detail and a keen eye for potential risks, we ensure that our organizations thrive, leaving no stone unturned in our pursuit of excellence. We are proud Internal Auditors because: - Beyond just numbers and figures, we provide invaluable strategic insights that enable informed decision-making at all levels of the organization. - By identifying emerging risks and opportunities, we empower our stakeholders to navigate the complexities of today's business landscape with confidence. - Our proactive approach towards risk management ensures that potential threats are identified and addressed before they can escalate into major issues. - Through our insightful recommendations, we identify inefficiencies and streamline processes, ultimately driving operational excellence and maximizing resource utilization. Our efforts contribute to the bottom line and facilitate sustainable growth. - Whether it's financial assets, intellectual property, or reputation, we are staunch advocates for protecting the invaluable assets of our organizations. This Internal Audit Month, let's celebrate the passion, dedication, and expertise that define our profession. Together, let's continue to raise the bar, inspire excellence, and make a tangible difference in the success of our organizations. #InternalAuditMonth #ProudInternalAuditors #ExcellenceInAction #theiia #internalaudit

I would be amiss not to celebrate the May 2024 Internal Audit Awareness Month with my global professional community. As a practicing Internal Auditor, I see firsthand how pivotal our role is in driving corporate success. We display the light on integrity, efficiency, and accountability within organisations. By systematically evaluating and enhancing the effectiveness of risk management, control, and governance processes, we help management safeguard assets and ensure compliance with laws and regulations. Our work involves identifying potential vulnerabilities and inefficiencies, and providing valuable insights that facilitate informed decision-making and strategic planning. This drives continuous improvement and operational excellence. Our objective, unbiased assessments foster a culture of transparency and trust, empowering organisations to navigate complexities with confidence. Through rigorous analysis and forward-thinking solutions, we contribute to sustainable growth and resilience. Our role extends beyond oversight; we add tangible value, enhance corporate governance, and ensure long-term organisational success. Celebrating the internal audit profession is important because it acknowledges the vital contributions our internal auditors make. Their expertise and dedication underpin the robustness of corporate frameworks, inspiring confidence among stakeholders and reinforcing the foundation upon which our thriving businesses are built. Kudos to all the internal audit champions out there! https://lnkd.in/ddxVqQcQ

This concluding Part 3 of the series on the new IIA standards is focused on one key area — internal audit strategy — that requires additional collaboration, but also provides an opportunity to elevate the internal audit function and drive transformative change.