October 2009

October 16, 2009

The Worst Seems to Be Behind Us

As I have commented often in recent months, the current economic crisis has not been kind to internal auditing. Granted, we have not seen the level of layoffs or staff reductions that we may have seen in other professions, but there is plenty of evidence that our Sarbanes-Oxley era of prosperity has come to an abrupt halt. Following years of healthy growth, many internal aud​it activities reported budge​​t and staffing reductions in 2008. This pain was nothing compared to what 2009 would bring. A recent Knowledge Alert (PDF) from The IIA’s Audit Executive Center (available to Audit Executive Center​ members) reports on the results of a North American survey about the impacts of the economy on internal audit activities.…