The Human-Data Connection: Building a Resilient AI Strategy for Long-Term Success
Artificial intelligence (AI) has become a cornerstone of modern business strategy, promising to revolutionize decision-making, customer experiences, and operational efficiency. Yet, for all its potential, AI is only as strong as the foundation it rests on—people and data. Without capable frontline employees, high-quality data inputs, and strategic data management, even the most advanced AI systems […]
The Art and Science of Modern Internal Audit Reporting – Balancing Speed, Accuracy, and Stakeholder Value
In the bustling headquarters of a Fortune 500 company, the newly appointed Chief Audit Executive, stared at the towering stack of papers on her desk. It was the latest internal audit report—a 100-page behemoth that had taken her team six weeks to compile after completing fieldwork. As she flipped through the dense pages, a realization […]
Spock & CAEs: Guardians of Success
In the vast worlds of corporate governance and interstellar exploration, two figures stand as guardians of success: the Chief Audit Executive (CAE) and Mr. Spock from Star Trek. While their domains differ—one navigating organizational risks, the other exploring the final frontier—their roles share profound similarities. Both are tasked with ensuring survival, fostering strategic decision-making, and […]
10 Bold Predictions for Risk & Audit’s Tech-Powered Future
…And Why This Is Our “iPhone Moment” to Shine Picture this: It’s 2030. A risk manager in Nairobi stops a supply chain collapse by interrogating an AI model with voice commands. An auditor in São Paulo validates 100% of transactions in real-time using quantum-powered analytics. A compliance team in Mumbai celebrates eliminating manual checks through […]
Why We Need a New Kind of Internal Audit Professional
The world today is moving at a rapid evolution and interconnectivity space, as the role of internal audit changes dramatically. Today, the notion of the internal auditor being solely a compliance monitor or financial overseer is soon to be extinct. Today, they are expected to be strategic advisors who can identify emerging risks, provide actionable […]
“We’ve Always Done It This Way”
In many companies, this catchphrase echoes through the halls reflecting a resistance to change, an attachment to the status quo, and a preference for familiarity over innovation. While the “We’ve Always Done It This Way” mindset might seem to offer stability and reflect back to “the good old days”, it can be the undoing of […]
Breaking Siloes with Internal Audit & SOX: Strategic Collaboration for a Stronger Organization
In a world where business moves faster than ever, the greatest threats to an organization often come from within — isolated departments working independently in a “siloed” environment. Internal Audit (IA) and SOX functions have evolved to be much more than compliance checkpoints; they’re now central to promoting cross-departmental collaboration, empowering decision-makers, and reducing risks […]
Untapped Opportunities within SOX Compliance
The Sarbanes-Oxley Act (SOX) is often considered a costly “check-the-box” exercise—a regulatory mandate more burdensome than beneficial. Yet, for organizations willing to adopt a fresh perspective, SOX compliance can be leveraged as a powerful strategic tool to boost risk management, streamline operations, and promote financial transparency. By reframing its perspective and aligning SOX requirements with […]
How can Internal Audit adapt to an evolving Risk Environment?
In today’s fast-paced world, the landscape of risk is evolving rapidly, presenting significant challenges for companies and internal audit functions. In the last five years cybersecurity threats surged, the COVID-19 pandemic exposed significant vulnerabilities in global supply chains, heightened economic volatility and geopolitical tensions with higher inflation and geopolitical conflicts in Ukraine and Middle-East, as […]
Rethinking Audit Findings and Reports
When it comes to Internal Audit (IA), one long-standing debate continues to divide professionals: should audit findings and reports be rated or not? Historically, audit departments have relied on a rating system assigning levels such as “high,” “medium,” and “low” to findings, and providing an overall rating to the entire report such as “Satisfactory”, “Needs […]