Clarisse G.’s Post

Debunking the Myth of Sector-Specific Limitations for Internal Audit Professionals As an internal audit professional, I’ve observed a common but misguided practice in recruitment: restricting internal auditors based on their past industry experience. This limitation overlooks the true nature of internal audit and its universal applicability across sectors. The Reality: Internal Audit Is Not Industry-Specific Internal audit engagements follow a consistent framework, regardless of the sector. Every organization, whether in retail, healthcare, manufacturing, or finance, has an audit universe consisting of various auditable functions. These include finance, procurement, compliance, IT, operations, and more. The principles of risk identification, control evaluation, and assurance remain the same. Internal auditors are trained to walk through an entity's risk and control environment, allowing them to adapt and audit different functions effectively, irrespective of the sector. The foundation of audit engagements—understanding processes, identifying risks, testing controls, and providing recommendations—transcends industry boundaries. Overcoming the Sector-Specific Mindset Limiting audit professionals to industries they’ve previously worked in not only restricts talent but also fails to recognize the transferable skills that auditors possess. Given the right orientation on the specific risk and control environment of an entity, a skilled auditor can successfully perform audits in any business.The Solution: Broader Perspective in Hiring Organizations and HR professionals should broaden their perspective when hiring auditors. Instead of focusing solely on past industry experience, the focus should be on the competence and adaptability of the professional. Audit skills are rooted in principles and methodologies that are applicable across sectors. Let’s move beyond sector limitations and recognize the value that internal auditors bring, no matter the industry. It’s about understanding the process, not just the sector. #InternalAudit #AuditExcellence #RiskManagement #TalentManagement #HR #AuditProfessionals #BusinessProcesses #CorporateGovernance #ProfessionalDevelopment #CareerGrowth #SectorAgnostic #AuditTalent

The process of Innovation in Internal Audit. As companies face increasing risk demands, this presents an opportunity for Internal Audit further serve. However, many teams lack the capacity to assist. •Some audit teams have a significant amount of non-negotiable work that can’t be put off or delayed. •Others have a laundry list of existing management requests with certain critical audits already being deferred. •Open Internal Audit requisitions tend to remain open for extended periods, causing… — Many top team members being overwhelmed with their departing peers workload. To address the lack of capacity, some Internal Audit teams have a formal process in place to innovate Internal Audit. CAEs encourage innovation in team meetings, motivating everyone to share their ideas, even those who are hesitant. Internal Audit leaders explore various sources for innovative work methods. - What are other audit teams doing differently? - Can they integrate existing internal manufacturing or IT business best practices in their audit methodology? - What do key stakeholders suggest audit could do to audit faster or better? - Are there others in the organization doing similar work, and can share some existing IA responsibilities? When ideas are identified, time is allocated for their implementation and additional trial and error. The results are then shared with the broader team, so promising ideas can continue to evolve. #InternalAudit #EnablingPositiveChange.

Some comments on the European Internal Audit market as we see it - March 2024: - Number of Auditors actively looking for a new job historically low based on application numbers and rates. - Numbers of Auditors passively looking for a new job at near-historical highs. - Advertised Audit job vacancies lowest in previous 3 years. - Number of companies interested in talking to good candidates- remains unchanged. It is an unusual market - auditors want jobs, companies want auditors; Auditors are looking, but not necessarily applying; there is activity, but it's not always visible; auditors are cautious to move, but still looking; Audit teams need people, but many find it difficult to know where to find them. Perhaps this is where we have a role to play. Audit leaders/ Directors/VP's/ Managers - please reach out and let's see if we can help with the challenges. We recruit hundreds of internal Auditors each year and have a methodology which works well to counter any market challenge, helping to separate the wood from the trees and bring some visibility!

Hello Future Auditors! Stepping into the audit profession, especially at a Big 4 firm, is an exciting and transformative journey. Here's a snapshot of what you can expect, some myths to debunk, and a few unexpected positives that might surprise you! The Reality of the Audit World Dynamic Work Environment: From startups to multinational corporations, you'll audit diverse industries, giving you a broad perspective and invaluable experience. Continuous Learning: You’ll constantly learn and grow. From understanding complex financial systems to staying updated with evolving regulations, your knowledge base will expand daily. Team Collaboration: Auditing is a team sport. You’ll work with talented professionals, learning from each other and building strong professional relationships. Debunking Myths 1. Myth: Auditing is Monotonous - Reality: Each audit is unique with its own set of challenges. The variety keeps the work engaging and intellectually stimulating. 2. Myth: Long Hours Mean No Work-Life Balance - Reality: While busy seasons can be demanding and require long hours, firms usually compensate for the extra effort by offering additional exam preparation leaves and other benefits. 3. Myth: Auditors Only Work with Numbers  - Reality: Communication skills are vital. You’ll interact with clients, present findings, and provide strategic insights. Unexpected Positives Professional Growth: The skills you acquire in auditing are transferable and highly valued across various industries, opening doors to diverse career paths. Global Opportunities: Big 4 firms offer international mobility programs, giving you a chance to work abroad and experience different cultures. Technological Edge: With cutting-edge audit tools and technologies, you’ll be at the forefront of the digital transformation in finance. Joining the audit profession is more than just a career choice; it’s an opportunity to make a significant impact, both professionally and personally. Embrace the journey, challenge the myths, and discover the unexpected rewards that come with being an auditor. Which of these resonate most with your experience? Let's discuss in the comments! #Audit #Big4 #CareerGrowth #AuditingMyths #ProfessionalJourney #FutureAuditors #WorkLifeBalance #ICAP

This isn't your average Friday morning LinkedIn post. While everyone else is scrambling for coffee, I'm here to connect you with the INTERNAL AUDIT ACE you want on your team. Seriously, she's awesome. I've known this contractor for years, and let me tell you, she's the real deal: - Certified Internal Auditor with a BA & MS in Accounting & Information Systems (auditing concentration). This isn't just someone who checks boxes - she's got the certifications and experience to back it up. - Years of experience with complex #SOXcompliance and operational audits for large companies. No project is too big. - She can unravel control deficiencies FAST. Think your team needs a brilliant, personable internal audit contractor/consultant who gets results? DM me! The early bird gets the worm (...or in this case, the awesome #internalauditor).

Why Stay in Audit? 🔍Here are 5 compelling reasons as to why staying in Audit can be incredibly rewarding and offer numerous opportunities for growth: 💡 Diverse Experience: Auditors gain exposure to various industries, financial systems, and business processes. This diverse experience provides a broad perspective and can lead to valuable insights and expertise that are highly transferable across different sectors. 💡 Critical Role in Integrity: Auditors play a crucial role in maintaining financial transparency and accountability. Your work helps safeguard the integrity of financial reporting and ensures compliance with regulations, which is fundamental to the trust that investors, stakeholders, and the public place in organizations. 💡 Continuous Learning and Development: The auditing field is constantly evolving with new regulations, technologies, and methodologies. This dynamic environment provides ongoing learning opportunities, keeping your skills sharp and ensuring your career remains intellectually stimulating and relevant. 💡 Strong Career Progression: With a solid foundation in auditing, there are numerous pathways for career advancement. From specializing in areas like forensic accounting or internal auditing to moving into senior management or consulting roles, the skills you develop open doors to a wide range of career options. 💡 High Demand and Job Security: The need for skilled auditors is consistent across industries, making it a stable career choice. As businesses and organizations continue to prioritize financial accuracy and regulatory compliance, the demand for qualified auditors remains strong. Staying in audit means committing to a career that values integrity, offers diverse experiences, and provides numerous opportunities for growth. If you’re passionate about making a difference and growing professionally, audit could be the perfect fit for you! 🌟📈 What do you enjoy most about your auditing career? #AuditCareer #ProfessionalGrowth #CareerOpportunities #IntegrityInFinance #ContinuousLearning #JobSecurity #CareerDevelopment

It's that time of the month! Welcome to May, better known as Internal Audit Month. This month is dedicated to spotlighting the dedication and hard work of internal auditors everywhere—because, let’s face it, not everyone remembers to celebrate what we do on the daily. The first week of May was a bustling first week for the Knowbility team. Here’s what we have been up to: ➡️Conducted an investigation involving a significant monetary amount. ➡️Analyzed related party transactions and contracts. ➡️Presented our Operations Internal Audit report to Leadership. ➡️Finalized Admin & Legal Internal Audit engagement. ➡️Kicked-off an opening meeting for an HR Internal Audit. ➡️Validated the design of policies and procedures with our client. ➡️Responded to an RFP. Last but not least: ➡️I submitted my synopsis for the IIA Global Conference debate. Separate to core work, administratively involved with the financial audit review with our Consultant, as part of renewing our Company License and invoicing clients. There really never is a dull moment in our profession; no two days are alike. I could pinch myself, everytime I reflect on how much I truly love our work and the value we bring our clients. We particularly appreciate the "aha!" moments our clients have - as being the most rewarding. I am honored for the opportunity to have founded Knowbility, and live my passion and values - proud of our team and our client engagements. Here’s to continuing the important work we do with passion! Cheers to us! Don’t forget to give your internal auditor a high five! #iia #internalaudit #TheIIAIC #NewHorrizonsNewOpportunities #intheknow #KnowbilityConsultancy Pic Credit: Zazzle

✨ Reflecting on One Year in Internal Audit: Beyond Compliance! ✨ Completing my first year in Internal Audit post-qualification as a Chartered Accountant has been both rewarding and eye-opening. Working in industries like online gaming and healthcare, I quickly learned that our role extends far beyond checklists and compliance. Just recently, I read an article titled Beyond Compliance: A New Milestone in the Role of Internal Auditors, which perfectly echoed my experience. The article discussed a critical shift in our field: internal auditors are no longer just expected to make recommendations; we’re here to ensure these recommendations lead to real, meaningful change. In this past year, each report I’ve drafted included not only observations and risks but also actionable recommendations, customized for each client’s unique context. The impact doesn’t stop there! What really made a difference was the collaborative follow-through — actively working with clients to transform those recommendations into operational changes that reduce risks and streamline processes. 📊 An internal audit report today is more than a list of findings; it’s a roadmap to resilience and growth for our clients. 🔹 Key Takeaways: Internal auditors today are... - Strategic partners, not just advisors. - Proactive guides for implementing change. - Embracing technology to drive efficiency and insights. Here’s to embracing our role as change enablers and supporting organizations on their journey toward lasting improvement and sustainability! 🌟 "Internal Audit is not just about compliance; it's about adding value and improving an organization’s operations.” - Michael Piazza #internalaudit #riskmanagement #Beyondcomplaince #riskadvisory #oneyearreflection Singhvi Dev & Unni LLP, Chartered Accountants

How can Internal Auditors know they are moving forward in their Internal Audit career? - You are requested by other audit leaders to participate in their projects. - You are routinely scheduled for the most important, high-visibility projects. - Audit managers ask you to do one-off reviews of other team members work. - You are asked to participate or lead special, one-off type projects (e.g. new technology solution selection, revamping audit methodology, helping drive the Internal Audit Risk Assessment process). - You are sought out by staff and your peers for feedback on how to handle certain situations or career advice. - You are sought out to do a rotation in the business in an area you just audited. What can Internal Auditors do to put themselves in these situations? - Don’t criticize, condemn, or complain. -Be coachable and implement advice when given. - Work with enthusiasm and an intent to help others on your audit team, audit customers, and audit leadership. - Complete your work on time and as expected. Communicate promptly if this is not possible. - When asking for help, clearly communicate the problem and suggest one or two possible solutions. - Openly share and teach any best practices you use during audit planning, fieldwork, and reporting. AuditBoard #InternalAudit #EnablingPositiveChange

Hello everyone, When i had started my career almost two decadea ago honestly I didnt had much idea about Internal Audit. Later when I stopped liking External Audit i got chance to join IA department. I accepted the offer, not knowing what exactly was ahead for me. Glad i took it and no regret. This post is for many of you who are not sure about the future career path. well Internal Audit is one such good option. So what is internal audit: in simple parlance is it basically management of risk, ensuring that contols are put in place to mitigate these risks. it is derived from two key words. the word Audit comes from the latin word "audire", meaning to hear or to listen. Internal means internal to the organization. Why Internal Audit is an interesting profile for joiners to explore as career options: # Dynamic, no two day are same. Quiet engaging with never a dull moment. every day the challenges are different. # Requires logical understanding and reasoning mindset instead of memorizing. curiosity and intuition is at the helm # Creates value addition to the Company, contribues to organization's sucess. it makes us feel proud when we see the suggested changes getting implemented. # Variety of works - financial, operational, regulatory and compliance, IT systems, business process cycles, industry expertise, risk assessment etc. # Internal audit is solution provider, problem solver. We anticipate risk and we give sort of pre warning. # cross departmental exposure. Be it Finance, HR, Credit and Collection, Business, Procurement Payroll or factory etc.we learn and get exposed to every departments. # Constant learning and being upto date. Industry best practices is a key element. # skills gained opens door to other verticals resulting to career growth and flexibility. # increased focus on ethics, integrity and independence. # we learn people management as we have to interact virtually with entire organization from top management to junior most staff. you will need to shift your mindset according to it. # one of the function which I feel thinks for all the other departments and contribute to their growth. Happiness is derived out of it. so today after so many years in internal audit if you ask me, I will still say yes i love internal audit profile. Today IA is expanding and embracing technology to add value and ensure achievement of organizational objectives. It is ever evolving professional line. Apart from CA certification one can enrol for Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA for IT Audit) to gain expertise as Internal Auditor. Cheers Soneel