Reading Roundup: Internal Audit

It’s time for your 15-minute fix of ideas and insights from the world of internal audit. Explore our curated selection of articles and thought leadership:

GDPR Can Have an Impact on U.S. Accountants

By Michael Cohn (Accounting Today)

“One of the requirements of GDPR is to develop an inventory of all the processing activities. It’s called a Record of Processing Activities, or a ROPA. Internal audit and the accounting people who generally make up an internal audit function are uniquely positioned to be able to assist the organization with developing that because internal auditors generally have a very broad understanding of the organization. They’re very process oriented and they have the skill sets and tools to do data flow maps.”  Read More >>


You Get Whatever Lopsided Things You Measure​​

By Mike Jacka (The Institute of Internal Auditors)

“As much as we would like to have objective measures, the success of internal audit is very subjective. When you really start to explore how internal audit succeeds, it is much more about attitudes and buy-in than it is about dollars, hours, and Facebook likes. Nonetheless, most internal audit departments base their success on objective but questionable measures such as utilization, audits completed, corrective actions implemented, timely completion of audit work, etc., etc., etc. These are all well and good. Yes, I understand how they relate to the subjective successes we are looking for. But they are far too internally focused.”  Read More >>


From Corporate Cop to Trusted Adviser

By Hernan Murdock (MIS Training Institute)

“When internal auditors are trusted advisers, they provide a safe harbor for the board and management to discuss and explore. This attribute involves the integration of content expertise, organizational awareness and strong interpersonal skills. At this point, internal auditors are a sounding board before decisions are being made to gain the auditors’ perspective on complex topics and to gain their opinion on emerging threats.”  Read More >>


5 Myths That Cloud Awareness About Internal Audit

By Richard Chambers (The Institute of Internal Auditors)

“The modern internal audit profession has been around for less than 100 years. Yet, it is amazing how many myths and misperceptions have evolved about the profession in such a relatively short period of time. And, while each of the following myths is generally untrue, the fact that they are so enduring might be an indicator that each of us needs to take stock of how we are perceived in our own organizations and by the stakeholders we serve. Do we do things to reinforce these myths? Or, do we need to do a better job creating awareness of how the profession has changed? You be the judge.”  Read More >>


How to Onboard a New Internal Auditor

By Sarah Nord (Onspring)

“Internal Audit is a field for people who love to learn, and there’s plenty of good information from the IIA, MISTI and other organizations for practitioners who want to advance their careers. But what about the folks who are entirely new to the profession? How do they begin to swim in a vast sea of professional guidance? I recently sat down with Jason Rohlf, who has spent his career as an audit practitioner, process consultant and solution developer. Jason has some funny (and mildly frightening) stories to tell about his early days as an auditor. (Think maniacal bosses, accounting scandals and misadventures with “polished leather shoes.”) Let’s just say, it wasn’t exactly smooth sailing. So I asked him: ‘If you could start your career all over again, what would you wish for in that first job?’ His response came in the form of 4 Big E’s.”  Read More >>


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