In 1998, the magazine of the American Institute of Certified Public Accountants (AICPA), the Journal of Accountancy, approached the IIA. They said they wanted to write an article about progressive internal auditing leaders and (I thank them) the IIA pointed them to me.
I was the CAE of Tosco Corporation. I had been in that position for 8 years and had seen the company grow from $2 billion in revenue to $15 billion. It was still growing rapidly and profitably. Tosco would reach its peak in 2001 when it recorded $28 billion in revenue and was about #50 in the Fortune 500 list of US companies. Sadly, the board decided to take advantage of the market and sold the company to Phillips Petroleum for $7.5 billion.
Today, I want to share the piece they wrote.
Looking back, I haven’t changed my thinking a great deal in the 20+ years since then.
I will let you read it and then comment on what I might say differently if interviewed today.
Rethinking internal audits
By Anita Dennis
Journal of Accountancy, November 1998
What are the keys to running a lean, proactive internal audit department? At Tosco, a petroleum refining and marketing company, Norman Marks, general auditor, has developed an approach that adds value while reining in costs. His strategy can help to provide a model for other internal auditors seeking…
