2011

In my last blog entry, I cited some emerging challenges and identified five key priorities that chief audit executives (CAEs) should be pursuing as 2011 gets underway:

• Assess key stakeholder expectations, identify gaps, and implement a comprehensive strategy for improvement.
• Assess internal auditing’s contribution to risk management and “step up to the plate” as needed.
• Deploy a strategy for internal audit business knowledge acquisition.
• Streamline internal audit processes and operations to enhance value.
• Coordinate and align with other risk, control, and compliance functions.​

I have spoken on these themes at several forums in recent weeks, and one question has arisen on multiple occasions: Who are internal auditing’s stakeholders?…

The past three years have been both remarkable and challenging for internal auditors. We have demonstrated remarkable agility in swiftly refocusing our efforts to address emerging risks in the wake of the global financial crisis. While resources have been reduced commensurate with corporate downsizing, the glass is arguably very much “half full.” As we move into 2011 and beyond, however, it will become imperative to “fill the glass.” Many internal audit stakeholders are once again growing restless in terms of internal auditing’s knowledge of the business, efficiency, and overall “value proposition.”​

In my last blog entry of 2010, I reiterated once again how much internal auditors have accomplished in the past two years.…