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Coronavirus: Business not as usual .. and that applies to internal audit as well..

By James C Paterson The following article had over 750 views in 3 days on linked in, this pdf is an expanded and up-dated version for colleagues and my IIA friends in Europe.. It starts with a few general reflections about governance and risk but them looks at a few imperatives for internal audit in these challenging times.. I’ve just facilitated a head of audit event, with only one person pulling out because of COVID19. However, it was inevitably a key topic of conversation, and in this pdf are some reflections that might be of interest.…

corona virus and internal audit

Managing the Coronavirus Risks Facing the Internal Audit Function

By Antoine van Vlodorp One of the internal audit’s roles is ensuring the effective management of risk within the first and second lines of defense. Little attention is given to managing risk within the Internal Audit Function (IAF) itself. The emerging risk of the Coronavirus (Covid-19) should trigger an update of the Risk Register of the IAF.  “The internal audit department is not free from risks and must deal with the emerging risk of the Coronavirus” Like management in the first and second lines of defense, CAEs are expected to assess the risks of the…

assurance mapping

Assurance mapping – advise after 10 years working with clients

By James C Paterson It’s actually my 15th anniversary working on assurance mapping, first as head of audit for AstraZeneca and, for the past 10 years, consulting to clients and leading training for the IIA on this topic (next for the IIA Netherlands on 6th-7th May 2020). As readers may appreciate, an assurance map involves measuring the amount of assurance from different parts of the organisation, and – since 2017 – this is now an expected part of the IIA’s standard 2050 on co-ordination and reliance, where it explains “a consistent process for the basis of…

Photo by Ben White on Unsplash

The challenges faced by a small, global Internal Audit Function

Numbers I don’t have. But we must be with hundreds. Small Internal Audit Functions (IAFs) that truly operate internationally, with only a few employees in a few countries. Which is fun, very diverse and of course hard work. With this blog, I’d like to share some challenges our team faces and I will share our solutions. Please let me know your challenges and solutions! Challenge 1: Building an international team A team is as strong as the weakest link, and when you are the only person in a country, this is particularly true. Take our…

Photo by Ben White on Unsplash

The challenges faced by a small, global Internal Audit Function

Numbers I don’t have. But we must be with hundreds. Small Internal Audit Functions (IAFs) that truly operate internationally, with only a few employees in a few countries. Which is fun, very diverse and of course hard work. With this blog, I’d like to share some challenges our team faces and I will share our solutions. Please let me know your challenges and solutions! Challenge 1: Building an international team A team is as strong as the weakest link, and when you are the only person in a country, this is particularly true. Take our…