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Our fundamental role in the
twenty-first century is to add
value to the business and help it
achieve its objectives.
Internal Auditors
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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
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Assurance
Insight
Objectivity
saving money
avoid fines
increasing productivity
protecting your company’s reputation
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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
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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.
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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.
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