I have recently been speaking again with members of the press seeking my perspectives on internal audit, risk management and governance in the post-COVID era. While I am not the spokesman for the profession any longer, I am always happy to share my views. It is not uncommon for the interviewer to note that internal audit has taken some criticism for missing red flags or even fraudulent activity in a fresh corporate scandal. I have responded to those questions so many times over the years that they rarely come as a surprise.
Over the past decade, there has been no shortage of corporate scandals born from ineffective corporate governance, poor risk management, and toxic cultures.…