• First Reference
  • About us
  • Contact us
  • Blog Signup 📨

First Reference Talks

Discussions on Human Resources, Employment Law, Payroll and Internal Controls

  • Home
  • About
  • Archives
  • Resources
  • Buy Policies
You are here: Home / Business / Trusted advisors and world-class internal auditors

By Norman D. Marks, CPA, CRMA | 2 Minutes Read July 26, 2017

Trusted advisors and world-class internal auditors

internal auditorsI was recently privileged to receive a signed copy of Richard Chambers’ latest book, Trusted Advisors: Key Attributes of Outstanding Internal Auditors. Richard is the President and CEO of The Institute of Internal Auditors, a veteran of internal audit at the highest level, a friend, and an individual with whom I love to debate the practices of internal auditing and risk management. (I hope I am influencing his views on the imminent update of the COSO ERM Framework.)
I thoroughly recommend the book for any internal auditor, at any level.
Richard covers nine attributes of internal auditors who are seen by their customers in executive and operating management as “trusted advisors”. They are based on the results of a survey of CAEs and are grouped into three categories:
Personal:

  • Ethical resilience
  • Results focused
  • Intellectually curious
  • Open-mindedness

Relational:

  • Dynamic communicators
  • Insightful relationships
  • Inspirational leaders

Professional:

  • Critical thinkers
  • Technical expertise

I will let you purchase the book (now on sale to IIA members) and read it in detail.
It makes an excellent companion to my book, Auditing that matters. I focus on the design and staffing of a world-class internal audit function, with a portion dedicated to the attributes of what I consider ideal members of the team, while Richard focuses the whole book on the latter.
So how do you leap from a trusted advisor to a world-class internal auditor? There are a couple of points that I did not see covered. Maybe I am taking them to the next level.
The first is seeing your purpose, your mission, as helping the organization and its leaders succeed rather than simply avoiding failure.
Pointing out deficiencies, even when you also point out remedies, is insufficient to be world-class. For that, you need to focus on the issues that matter to leadership and then provide them with the assurance, advice, and insights they need, when they need it, in an actionable form that is quickly digested and acted upon. Give them what they need to achieve their objectives and strategies. In other words, help them succeed.
This requires that we have such an understanding and appreciation of the business and what it takes to run it that we are willing to recommend taking risk when that is right for the business. Sometimes, even taking more risk.
The second is related: being able to hold a productive and constructive hour-long conversation about the business with an executive without ever using the words ‘risk’ or ‘control’.
If you are to tackle the issues that matter and add value through your insight, then you need a truly deep understanding of the business and how it is and should be run.
That’s not an easy task!
These are just a couple of attributes of world-class internal auditors, people who stand out to management so much that they are usually offered leadership positions themselves.
What do you think?

  • About
  • Latest Posts
Norman D. Marks, CPA, CRMA
Norman has led large and small internal audit departments, been the Chief Risk Officer and Chief Compliance Officer, and managed IT security and governance functions.

He retired in early 2013. However,he still blogs, writes, trains, and speaks – and mentors individuals and organizations when he can.
Latest posts by Norman D. Marks, CPA, CRMA (see all)
  • Twitter and risk - January 18, 2023
  • When the board insists on a list of the top risks - December 9, 2022
  • The greatest risk and the greatest asset - November 25, 2022

Article by Norman D. Marks, CPA, CRMA / Business, Finance and Accounting / audit, internal auditors, Internal Controls, risk, risk assessment, risk management

Share with a friend or colleague

Get the Latest Posts in your Inbox for Free!

Electronic monitoring

About Norman D. Marks, CPA, CRMA

Norman has led large and small internal audit departments, been the Chief Risk Officer and Chief Compliance Officer, and managed IT security and governance functions.

He retired in early 2013. However, he still blogs, writes, trains, and speaks – and mentors individuals and organizations when he can.

Footer

About us

Established in 1995, First Reference is the leading publisher of up to date, practical and authoritative HR compliance and policy databases that are essential to ensure organizations meet their due diligence and duty of care requirements.

First Reference Talks

  • Home
  • About
  • Archives
  • Resources
  • Buy Policies

Main Menu

  • About First Reference
  • Resources
  • Contact us
  • 1 800 750 8175

Stay Connected

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

We welcome your comments on our blog articles. However, we do not respond to specific legal questions in this space.
We do not provide any form of legal advice or legal opinion. Please consult a lawyer in your jurisdiction or try one of our products.


Copyright © 2009 - 2023 · First Reference Inc. · All Rights Reserved
Legal and Copyright Notices · Publisher's Disclaimer · Privacy Policy · Accessibility Policy