Vishal Saini’s Post

The Process of Innovation in Internal Audit As companies face increasing risk demands, this presents an opportunity for Internal Audit further serve. However, many teams lack the capacity to assist. - Some audit teams have a significant amount of non-negotiable work that can’t be put off or delayed. - Others have a laundry list of existing management requests with certain critical audits already being deferred. - Open Internal Audit requisitions tend to remain open for extended periods, causing… - Many top team members being overwhelmed with their departing peers workload. To address the lack of capacity, some Internal Audit teams have a formal process in place to innovate Internal Audit. CAEs encourage innovation in team meetings, motivating everyone to share their ideas, even those who are hesitant. Internal Audit leaders explore various sources for innovative work methods. - What are other audit teams doing differently? - Can they integrate existing internal manufacturing or IT business best practices in their audit methodology? - What do key stakeholders suggest audit could do to audit faster or better? - Are there others in the organization doing similar work, and can share some existing IA responsibilities? - Do the IIA’s updated Global Internal Audit Standards highlight practices not instituted in your audit approach? When ideas are identified, time is allocated for their implementation and additional trial and error. The results are then shared with the broader team, so promising ideas can continue to evolve. I once worked with an Internal Audit team that had aspects of an innovation process in place. - Auditors rallied around this process, reducing attrition due to feeling part of something special. - Because they were seen as an innovative team internally, new budget requests were more likely to be approved. - Because they were seen as an innovative team externally, any open roles were quickly filled. For CAEs who lack a formal process to innovate their Internal Audit practices, it's advisable to start one. This may assist with capacity issues, even if you're unable to implement a new innovative approach. For those in Internal Audit who are not a CAEs and are part of a team without an innovation process, consider taking the initiative to start one. Not only can this help enable positive change within your team. But this can also distinguish you from your peers and position you as a potential candidate for the next CAE role. AuditBoard #InternalAudit #EnablingPositiveChange

During the past three weeks, I’ve met three different CAEs of public companies with annual revenues between $5 billion and $10 billion who were all hired in their new roles within the past six months. When discussing why they were ultimately hired by their company and the executive team's expectations of their new internal audit leader, three main themes emerged: 1. They are being asked, and held accountable, to modernize the Internal Audit department and increase its capabilities. 2. They were hired because the CFO/CEO wants Internal Audit to be a better partner to the business. 3. There is an expectation for Internal Audit to be a catalyst in better coordinating and consolidating, or connecting, the work done by all risk, control, and assurance functions. Whether you are a new or experienced head of internal audit, it would be wise to consider how these themes are addressed in Internal Audit’s strategic plan. And if they are not, it would also be wise to consider adding initiatives that address them. AuditBoard #InternalAudit #EnablingPositiveChange

How can Internal Auditors know they are moving forward in their Internal Audit career? - You are requested by other audit leaders to participate in their projects. - You are routinely scheduled for the most important, high-visibility projects. - Audit managers ask you to do one-off reviews of other team members work. - You are asked to participate or lead special, one-off type projects (e.g. new technology solution selection, revamping audit methodology, helping drive the Internal Audit Risk Assessment process). - You are sought out by staff and your peers for feedback on how to handle certain situations or career advice. - You are sought out to do a rotation in the business in an area you just audited. What can Internal Auditors do to put themselves in these situations? - Don’t criticize, condemn, or complain. -Be coachable and implement advice when given. - Work with enthusiasm and an intent to help others on your audit team, audit customers, and audit leadership. - Complete your work on time and as expected. Communicate promptly if this is not possible. - When asking for help, clearly communicate the problem and suggest one or two possible solutions. - Openly share and teach any best practices you use during audit planning, fieldwork, and reporting. AuditBoard #InternalAudit #EnablingPositiveChange

Inheriting a Dysfunctional Internal Audit Team: Identifying Red Flags of Growing Resistance Newly appointed Chief Audit Executives (CAEs) sometimes inherit internal audit teams grappling with dysfunction and resistance to change. Successfully navigating this situation requires a keen eye for identifying red flags early and implementing strategic interventions. Several warning signs can signal a dysfunctional internal audit team resistant to change and these include: 1.     Lack of Ownership and Accountability- Team members exhibit a passive-aggressive approach, failing to meet deadlines, taking minimal responsibility for errors or blaming others. A pervasive "that's not my job" or “that’s not how I do it in the past” attitude is a major red flag. 2.     Communication Breakdown- Poor communication channels, lack of transparency and a culture of secrecy hinder effective collaboration and information flow. This often manifests as missed meetings, ignored emails or a reluctance to share information. 3.     Low Morale and Engagement- A consistently negative atmosphere, high turnover, frequent complaints and disengagement during team meetings suggest deep-seated issues affecting morale and productivity. 4.     Resistance to New Methodologies or Technologies- A refusal to adopt best practice auditing methodology and techniques or data analytics tools indicates a resistance to improvement and professional development arising from fear of the unknown, lack of training or simply inertia. 5.     Defensiveness and Confrontation- Team members react defensively to constructive criticism, engage in arguments during meetings or actively resist attempts to implement changes or lack of any reaction in engagements with CAE, denoting a lack of trust and a potential unwillingness to collaborate. 6.     Inconsistency in Audit Quality- Variations in the quality of audit reports, frequent errors and a lack of adherence to auditing standards signal a breakdown in processes and training. This is a symptom of underlying issues, like inadequate supervision or poor understanding of best practices. 7.     Lack of Professional Development- Limited opportunities for professional development, outdated skills and a lack of enthusiasm for learning new techniques are significant indicators of a stagnant team. 8.     Weak Leadership or Supervision- A lack of clear direction, inconsistent feedback and absence of supportive leadership within operating field auditors contribute significantly to a dysfunctional team environment. Do comment and like. #internalaudit #externalrecruiters #hiring #humanresourcemanagement #auditboard #iiaglobal #iiamalaysia

"Is Internal Audit an Art or a Science? As professionals in the internal audit field, we often find ourselves at the intersection of technical expertise and creative problem-solving. On one hand, internal auditing is built on a foundation of technical standards, frameworks, and methodologies. We rely on data-driven insights and analytical techniques to identify risks, evaluate controls, and provide assurance. On the other hand, the most effective internal auditors bring a level of creativity, critical thinking, and emotional intelligence to their work. They can navigate complex organizational dynamics, communicate nuanced findings to stakeholders, and balance competing priorities. So, is internal audit an art or a science? Perhaps it's a little bit of both. I'd love to hear your thoughts! Share your perspectives on the role of creativity and technical expertise in internal auditing. #InternalAudit #AuditLife #RiskManagement #Compliance #CreativityMeetsTechnicality"

Internal Audit Handout for you.... Check it out..🫨🫨

I've spent 10 hours over 6 months with a number of professional practice leaders of Internal Audit teams of Fortune 300 companies. Here are 9 topics that are top of mind for these Internal Audit leaders. 1. When creating Internal Audit’s audit plan, how are others reporting and showing coverage of the audit plan across key risks and auditable entities? What is the sufficient amount of assurance and audit coverage for each top risk? 2. Do the definitions used to risk-rate internal audit issues or audit reports provide enough clarity and detail to easily support the rating given? Or are they too high-level or ambiguous, making it appear that Internal Audit is being subjective when determining what is a high, medium, or low issue rating or audit rating? 3. Is the scorecard used to assess risk and audit issues consistent with the scorecards other audit, risk, and control functions use across the organization to assess their risks and issues? 4. Is there a better way to enforce the key aspects of Internal Audit’s methodology without slowing down the pace of the audit project? 5. Is there a scenario where my team will start providing positive assurance that the audited process is working as intended? 6. When issuing audit reports, who absolutely needs to provide their buy-in on the audit report before it is issued? And who absolutely needs to be informed of the final audit report? 7. Am I optimizing my use of the audit management solution to the best of its capability? 8. How are my peers coordinating with others on the 2nd line to consolidate and combine what is reported to the Audit Committee? 9. Does my team’s approach to Internal Audit reflect the best practices of our peers? Is there anything else that could be done to improve our method of identifying business risks, partnering with the business, and carrying out the internal audit plan? If these topics are important to these teams, they may also be worth considering for your #InternalAudit team. AuditBoard #InternalAudit #EnablingPositiveChange

Internal Audit - In a Nutshell: It’s not just about checks and balances; it’s about uncovering risks, improving processes, and ensuring accountability. From planning to follow-ups, every step adds value—not just for the organization but for the people behind it. At its core, internal audit is about trust and continuous improvement. #internalaudit #continuousimprovement #iawithanurag

What Makes a Great Internal Auditor? Being a successful internal auditor requires more than just technical skills. According to Moeller & Witt (1999, p. 14-15), several key personal attributes are essential for excelling in this role. At AdviseUp Consulting LLC, we wholeheartedly agree with these insights and believe they are crucial for anyone in the field. Let us know if you would add any other ones. #audit #auditorquality #auditorattributes #greatauditor

Don't you guys smile as Auditor Says one of my Non-Audit colleagues 😃😃😃 Dear Auditor of the Future, Whoever said that internal auditing has to be stiff and boring missed the mark! We both know that Auditing requires some precision, but that doesn’t mean we can’t have fun along the way. It's all about curiosity, problem-solving, and making real connections. Every audit presents a chance to uncover insights that can help businesses thrive. Plus, let’s not overlook the joy of collaborating with teams, mentoring colleagues, and celebrating those "aha!" moments when everything falls into place. With the exciting world of continuous learning; new tools, trends, and challenges to explore there’s always something fresh to keep things lively. When you take joy in what you do, it shines through in your energy and the impact you make. So yes, internal auditors can have fun and they really should! Happy auditors are not only more effective they’re the ones sparking change with passion and purpose. Why settle for just a job when you can enjoy the journey? #AuditLife #JoyInWork #ValueBasedAuditing #AuditWithPurpose #ThrivingAuditor #AuditExcellence