Description
Audit managers must understand, deploy, and sustain innovation as a key characteristic of their departments. This requires understanding the conceptual and practical aspects of creativity so it can be reflected in the planning, fieldwork, and reporting aspects of each audit and consulting engagement. But that is not enough. Innovation must be applied more broadly internally during the entire administration of the department, and externally while supporting the organization’s risk assessment process, the development of the audit plan and while interacting with all stakeholders.
Managers and directors set the direction, pace and priorities for their departments and innovation is key to:
- Becoming agile
- Enabling change effectively both inside and outside their units
- Identifying better sources and uses of evidence
- Hiring and developing innovative auditors
- Moving from a rigid mindset to one where creativity, adaptability and resourcefulness prevail
It is not enough to desire a new image for internal audit; we must find innovative ways to use our limited resources to re-brand ourselves, broaden our role, and become more effective and efficient.
Part two of this two-part series of courses will look at the importance of innovation from an audit management perspective, focusing on areas such as change management, the Three Lines of Defense Model and examples of initiatives that can be implemented to demonstrate innovation in the internal audit function.
Why attend this course?
- Explore ways to use innovation in the planning, fieldwork and reporting phases of internal audits
- Learn how to improve the internal audit methodology
- Discover ways to be more responsive to your clients’ needs
- Adapt effectively to an ever-changing risk and controls environment
- Understand management’s actions and how innovation impacts your organization’s programs, processes, products and services
- Build stronger relationships with the board and management by demonstrating resilience, adaptability and forward-thinking
- Prerequisite: Fundamentals of Internal Auditing (OAG101), Innovation in Internal Audit: Part 1 (OAG225) or equivalent experience.
- Advance Preparation: None
- Learning Level: Intermediate
Field: Auditing
What you will learn
Introduction
- Definition and uses in internal audit
- Uses and value proposition for auditor
- Innovation and risk-based auditing
- Improving agility: developing and performing audits better
Improving Agility
- Moving at the speed of the organization
- Auditing change initiatives and other strategic risks
Change Enablement
- Innovative ways to make the transformation from corporate cop to trusted advisors and change agents
- Enabling change and overcoming obstacles to the change process within the organization
- Auditing change initiatives within the organization: what can go wrong and what must go right
- Communicating the importance of auditing change initiatives to management and the audit committee
- Change models and how to use them in internal auditing
- Promoting change with a purpose
Evidence
- Ways to obtain and improving the strength of evidence
- Critical thinking and errors in the collection and analysis of evidence
- Looking at unusual situations: innovation and the application of professional skepticism
Expanding our Role
- Broadening our scope of work while maintaining independence and objectivity
- Creative ways to use subject matter experts
- New ways to brand the internal audit function and communicate the value provided to the organization
Management and Leadership in the Internal Audit Department
- Key actions to remain relevant
- Developing innovative auditors
- Key skills and competencies
- Training and development opportunities to address short- and long-term needs
- Performance monitoring: promoting innovation sustainably
- The role of internal audit managers and ways to reinforce innovation
- Recruiting, selecting and retaining the right staff: getting the right people for your team and keeping them motivated
Innovation in the Management of the Internal Audit Function
- Re-examining our methodology to achieve better results
- Tips to work faster, cheaper and better
- Beyond outputs, focusing on outcomes
Achieving a Higher Level of Thinking
- Promoting creativity, flexibility and resourcefulness
- Avoiding excessive rigidity
- Better analysis and more insightful judgments
The Three Lines of Defense
- Understanding the purpose of the Three Lines of Defense Model and its potential
- Creative ways to work more effectively with the Second Line of Defense
- Linking the Three Lines of Defense Model to ERM and management actions to achieve better overall governance
Best Practices
- Review of innovative ideas to improve what we do and how we do it
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