Auditing in a turbulent and dynamic environment

There’s little doubt that this year has brought many challenges to organizations and their internal audit teams in every corner of the world.

It has been both a challenge and an opportunity: an opportunity to sit back and consider whether there is a better way for internal audit to work.

For example:

• How often should we update our understanding of the risks and opportunities facing the organization?
• How often should we update the audit plan?
• How do we make sure we know about new or changed risks so we are in a position to update the plan?
• If we update the plan at the speed of risk, how do we communicate that to management and the audit committee? Do we continue to measure ourselves based on completion of the annual audit plan?
• Do we have the right people and resources to address all the issues that matter to the success of the organization?
• Are we auditing issues that are not worth our time? Do our audits include in their scope issues that, should we find deficiencies, would not be significant to top management and the board?
• How do we change from full-scope audits to those that only focus on things that matter?
• Are we lean in our approach? Do we include activities, such as careful…