How does your Audit department compare to the highest performing audit functions?
|This week we take a look at the makeup of the successful audit team and how you go about analysing how your current team is performing?
Building the Competencies for Internal audit by IIA
Determine what is missing and take action!
Ask probing questions:
CAEs should assess the internal audit activity by asking probing and specific questions about the department’s maturity and structure, to determine if there are areas where competencies are failing.
Once the questions have been asked and the assessments have been completed, if the internal audit activity is found lacking, the bigger question is, “How do the internal auditors get to where they need to be?”
Here are suggestions on how to begin to first determine what is missing, take action, and then end with a re-engineered, well-structured, and progressive internal audit activity that conforms to the Standards and meets the expectations of the organization.
Perform an unofficial self-assessment:
Performing a self-assessment allows for fine tuning — increased productivity, narrowing of knowledge and performance gaps, and mastering of tasks. CAEs can use the following KPIs to measure internal audit efficiency and effectiveness:
Invest in talent management efforts:
Develop well-thought-out and well-developed approaches geared to optimize the workforce.
For effectiveness, and to build, engage, and retain the best audit departments, CAEs will do well to develop strategies that include measuring what is needed from their existing staff members, what is needed from anticipated additions to staff, and, just as important, what their staff needs from them as leaders.
Where skillsets are in high demand, coordinating with both your internal hr specialists and/or engaging with a niche specialist recruiter can also ensure you not only get access to many candidates who are not “active” in the marketplace but also help save you time and money throughout on the hiring process.
Conduct a gap analysis:
The gap analysis will identify strengths, weaknesses, challenges, and opportunities, and compare the actual performance of the audit team with the desired performance. The desired state ares:
Audit International are specialists in the recruitment of Auditors and various Corporate Governance Professionals including Internal Audit, Compliance, IT Audit, Data Analytics etc across Europe and the US.
If you would like to reach out to discuss your current requirements, please feel free to reach us on 0041 4350 830 9
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