I recently had lunch with an audit executive who told me her team needed a new audit software solution. However, she kept putting it off because she felt overwhelmed by the myriad of options and the process of finding one. Wading through solution websites, stretching out mentally to determine which functionalities are marketing fodder and which are real, knowing she’d have to sit through numerous demos; she said she felt exhausted before she’d even begun!
Each of the primary groups impacted by SOX—Management, Public Accountants and Internal Auditors—has more clearly defined what role they play in the overall process, and this definition has been carefully and thoughtfully refined over time. And while we have reached a much more structured and stable point in the SOX lifecycle, it’s never a bad idea to revisit and refresh our understanding of why this structure works. A big reason why we find ourselves in this more predictable state is that all involved parties have a much better understanding of their specific role in the process.
At Onspring Connect 2018, client presenters from 16 companies shared their creative uses of the Onspring platform to solve business challenges in internal audit, vendor management, risk assessment, internal controls and business operations. But only one of these organizations would go home with the coveted Innovation Award…or so we thought.
It’s time for your 15-minute fix of ideas and insights from the world of internal audit. Explore our curated selection of articles from the Institute of Internal Auditors and other trusted sources.
Internal Audit is a field for people who love to learn, and there’s plenty of good information on the web 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?
If you were old enough to ride a 10-speed or file taxes in the 80s, you probably have fond memories of mixtapes—a collection of favorite songs on a well-worn cassette that you listened to over…and over…and over again. We’re a long way from mixtapes in 2017, but the concept holds true: sometimes the good stuff just keeps getting better. As the year draws to a close, the Onspring team would like to offer our own mixtape of sorts: a collection of our most popular blog posts from 2017. We invite you to sit back, “press play” and enjoy these stories again (…and again…and again).
The internal audit profession has long called upon itself to add value to the organizations it serves. It’s not just about performing audits, testing controls and issuing reports. Internal audit is expected to use its unique position within the organization to take the collection of individual pieces and parts and build a comprehensive view of the company and provide valuable guidance on the strengths, weaknesses, threats and opportunities that the organization must navigate in order to succeed.
We live in an era of choice and flexibility, but sometimes the places where we need flexibility the most are the ones that remain painfully rigid. I hear this a lot from internal auditors—particularly those who work on small or mid-sized teams. Their frustration with hard-coded, “do-it-this-way” solutions seems to have reached an all-time high.
There is little to be gained by playing this guessing game, outside of additional stress and scrutiny which are already plentiful enough in our lives. But there is good news. Sometimes the byproduct of pain and inefficiency and drudgery is the realization that there must be a better way to do this. And the good news is that there is most certainly a better way. Advancement and improvement, whether monumental or incremental, is always within our reach. As long as we are willing to accept that something is broken, it becomes infinitely easier to fix.
When I’m asked the “How do you compare?” question or one of its many derivatives, I simply respond as follows: “To be honest, I don’t really have any experience with Product X, and anything I’d tell you would just be hearsay, so I can’t honestly make that comparison. Instead I’d like to hear about your goals and objectives so we can figure out a way to leverage Onspring to help you accomplish them in the best way possible.” Period.
There is clearly a popular fascination with exploring the “Whatif” concept to varying degrees. I thought it would be interesting to take a similar approach with a concept that is regularly explored in this space: Internal Audit. More specifically, I was interested to explore the following question: What if Internal Audit didn’t exist?
After months of planning, it’s finally here: Onspring Connect, our inaugural user conference. We’ve gathered clients from all over the US and Canada, from Seattle to Dallas to Boston to Newfoundland and everything in between. We have internal auditors, enterprise risk managers, legal experts, vendor managers and compliance professionals among our participants. In short, we have a lot of collective brainpower.