With the world changing around us and the impact to organizational processes and business models the word innovation has become more frequently mentioned. These changes provide challenges for internal auditors to do things differently so that IA will add greater value and remain relevant as part of the internal control/governance structure. Considering innovation will enable auditors to better meet primary stakeholder expectations through process enhancements that focus on organizational changes, expectations, strategic plans/initiatives and efficiency/ effectiveness. Questions that may arise about innovation from discussions with your audit team, audit committee, management, and peers will be covered in the session. Finally, strategic initiatives for most organizations are becoming more critical for sustainability of the business especially with the more compressed business cycles. The need for increased emphasis on audits/consulting engagements for strategic initiatives will be reviewed/discussed. Attend this session to learn why creativity, change, innovation and strategic auditing are important to internal auditors that want to stay relevant.
In this training, we will discuss the following important issues:
Learning Objectives
You will leave the session able to:
Who Should Attend
Prerequisites
None - all auditors, managers and audit leadership will benefit from this seminar. Audit professionals (Financial/Operational/Performance/IT/Compliance) with 3 – 5 years auditing and/or business experience will be able to provide historical/operational information that will be helpful in the innovation process.
Level: All Levels |
Field: Auditing |
CPE Credits: 16 (800 minutes) |
Delivery Method: Live - Group |
Course Outline
Definition of innovation & how it relates to internal audit (IA)
Why we internal audit needs to innovate
Barriers to innovation
Examples of innovation that IA can use to help the organization to improve governance, risk & controls
Ideas/creativity to enhance IA innovation
Increased focus, productivity & added value
Methods to generate ideas for continuous improvement
Emerging issues & innovation
Challenges that IA could experience
Important staff qualities to facilitate innovation
Critical thinking for auditors (high-level overview)
Consulting/advisory services
Strategic thinking for auditors
What role can IA serve in strategic initiatives
Definition & differences between of strategic vs. tactical and objectives vs. goals
Importance & challenges in auditing strategic initiatives
Annual risk assessment process & strategic initiatives
Identify hard to audit areas (culture, leadership, silos, new initiatives/programs, etc.) & identify approaches for how to conduct these audits
Auditing strategic initiatives
Developing, communicating & implementing an IA change plan to better meet primary stakeholder needs
Participants will identify what's most important to IA success and how audit activities/time expended track to success
Sample audit approach/program for strategic audits
Lessons learned & leading practices
Tips & reference materials
Exercises will be used to reinforce the learning process. Examples of exercises are as follows:
During the second day of the training will be included a group discussion/facilitated workshop to help auditors identify potential innovation areas for implementation.
Contact Phil Flora for additional information or a proposal: phil@flobizllc.com