Building and optimizing your audit teamv2
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The document discusses building and optimizing an internal audit team by balancing business value and talent development. It emphasizes that internal auditors should add value to the business by helping the organization meet its goals through assurance, insight, and objectivity. This allows the organization to save money, avoid fines, increase productivity, and protect its reputation. It also stresses the importance of talent development and maintaining staff competencies through training programs to ensure the internal audit team can provide value to the business. The right approach is to identify competency needs, assess existing training programs, develop tailored programs for the internal audit team, and ensure new ideas and insights are generated continuously.
Building and optimizing your audit teamv2
- 1. www.jrlacson.com Business Value Audit Team Talent Development Building and Optimizing Your Audit Team Balancing Business Value and Talent Development +1200k +5000k 1
- 2. www.jrlacson.com Our fundamental role in the twenty-first century is to add value to the business and help it achieve its objectives. Internal Auditors 2
- 3. www.jrlacson.com An internal audit can help an organization meet its goals and objectives. Educating management and the board regarding critical issues 01 Monitoring compliance with laws and regulation Evaluating whether policies and procedures are being followed Making recommendations for how the organization can: reduce costs, improve operations, enhance revenues or improve profits 02 03 04 3 Assurance Insight Objectivity saving money avoid fines increasing productivity protecting your company’s reputation
- 4. www.jrlacson.com What IA insights do companies receive, what is most valuable? 4
- 7. www.jrlacson.com Business Value Audit Team Talent Development Building and Optimizing Your Audit Team Balancing Business Value and Talent Development +1200k +5000k 7
- 8. www.jrlacson.com STAFF MODEL In-house 01 Co-source Outsource 02 03 What’s the right approach? 8
- 9. www.jrlacson.com Business Value Audit Team Talent Development Building and Optimizing Your Audit Team Balancing Business Value and Talent Development +1200k +5000k 9
- 10. www.jrlacson.com Imperatives There is broad diversity of need for technical and soft skills and a need for internal auditors to operate at a sufficient level of competence to show the value of the profession 10
- 11. www.jrlacson.com Imperatives Thinking strategically to reduce the talent gap was emphasized in the IIA’s ‘Tone at the Top’ newsletter in January 2013. The article also noted the need to support professional development and encourage staff to work collaboratively with other business units to promote cross-pollination of knowledge. Skill-set gaps was identified by delegates at the IIA’s Global Council meeting held in Dubai in 2014 as one of the top five obstacles the profession faces through 2020. Understanding business was identified as very important by over 70% of respondents to the IIA’s 2010 global survey. This was the highest rated of 18 technical skills. Maintaining compliance with professional auditing standards underpins audit value, with ‘proficiency’ and ‘continuing professional development’ emphasised in standards 1210 and 1230 respectively (ie possess and/or enhance knowledge, skills, and other competencies). Maximising individual potential is a key to being an employee of choice. It helps to create a highly satisfying place to work, and improves the intellectual capital within the IAA. Keeping internal audit fresh and up-to-date through effective audit leadership. In a June 2014 blog, the IIA President and CEO Richard Chambers emphasised the importance of audit leaders being role models, focusing on positives, being goal- oriented, making the time for the team, and getting help from others through effective delegating. Implementation of professional development programs is another leadership imperative. 11
- 13. www.jrlacson.com Key steps Tell me and I’ll forget; show me and I may remember; involve me and I’ll understand. 13
- 14. www.jrlacson.com Key Steps Identify the competency needs Determine any related development programs that your entity already has in place. Assess the best options for tailored development programs that suit your IAA. Develop the selected programs for your IAA Ensure that fresh ideas and insights are generated for the IAA. 14
- 16. www.jrlacson.com JEF LACSON CPA, CISA, CIA, CLSSGB(c) Chief Financial Officer QBE Insurance (Asia Pacific) the Philippines Former Head of Finance, IT, Projects & Audit @ National Reinsurance Corporation Former Associate Manager, Risk Advisory @ KPMG Philippines 16