As a global leader in the internal audit profession, among the questions I dread hearing the most is: “Where was internal audit?”
When the whereabouts of internal audit is pondered by media and others, there has typically been a high-profile corporate failure that has impacted a company’s share value and investor confidence. The question also arises when there has been a scandal or highly publicized failure in government that has rattled public trust.
The question itself clearly suggests that an organization’s last line of defense failed to do its job. While I acknowledge that sometimes internal audit does drop the ball, I am often troubled by how quickly the question is posed.…