May 2019

May 26, 2019

The 5 Cs That Should Be Keeping Boards (and Auditors) Awake at Night

I traveled to South Africa earlier this month to speak at an Institute of Directors (IOD) event in Johannesburg. In addition to interacting with seasoned corporate governance leaders from this important country, I was lucky enough to learn a bit more about the long history of diamond mining in South Africa. 

The Eureka Diamond, the first diamond found in South Africa in 1867, created a massive disruption in the diamond trade. Its discovery along the Orange River — its pre-cut weight was an impressive 21.25 carats — revolutionized the industry. Within 10 years of the diamond’s discovery, South Africa became the center of the industry and global diamond production increased tenfold.…

May 20, 2019

Did the “Watchdog” Bark Too Much in Glendale, Ariz.?

One of the highlights from each year’s International Internal Audit Awareness Month is the numerous public proclamations promoting the profession. They typically praise internal auditing’s role in enhancing public trust and promoting economy, effectiveness, and efficiency in government. In my mind, such proclamations acknowledge a fundamental truth: Internal audit boosts transparency and accountability in the public sector.

This is why I am particularly disappointed and frustrated when jurisdictions that have already recognized internal auditing’s value take a step backward. Such is the case for Glendale, Ariz., a city of about 250,000 people in the Phoenix metro area. City leaders there voted recently to eliminate its long-established internal auditor position and replace it with an outside contractor.…

May 12, 2019

To Be Good Leaders, Internal Auditors Must Also Follow

It is often said that great leaders also possess the capacity to follow. As I have gotten older, I have begun to fully appreciate how true that is. I find there are many fields and areas of expertise where I am totally lacking. For that reason, I find myself looking more and more to others for advice and insight. In short, I have come to realize that, to be an effective leader, I must also follow.

Internal auditors need to be seen as leaders within their organization. In my 2017 book, Trusted Advisors: Key Attributes of Outstanding Internal Auditors, I identified “inspirational leadership” as one of the attributes that great internal auditors share.…

May 6, 2019

​Internal Audit Awareness Month: More Than Just Talking the Talk

I was thrilled to announce recently that The IIA surpassed 200,000 members. This momentous milestone couldn’t have come at a better time as we enter International Internal Audit Awareness Month, our annual, globally coordinated effort to raise awareness about our wonderful profession.

The IIA, along with its North American chapters and more than 100 affiliated institutes around the world, will be promoting the value that internal auditing brings to fostering stronger risk management, internal control, and corporate governance. Awareness month provides an opportunity for practitioners to plan events, gather proclamations, and do other outreach to elevate not just awareness, but also appreciation, for the vital assurance and advisory work we do.…