NEWS & UPDATES

Now, we're going to tie it all together by looking at how that well-crafted plan forms the backbone for the entire audit cycle and enables powerful, comprehensive year-end reporting.

Today, we're moving from mapping to navigating. We'll explore how internal audit takes that rich, real-time understanding of risks and transforms it into a practical, focused audit plan for the year ahead (or even a multi-year strategy). This is where insights truly turn into action.

When you think about internal audit, what's the first thing that comes to mind? Maybe it's reviews, reports, or findings. But before any of that happens, there's a crucial step that sets the stage for everything else: planning. Just like building a sturdy house needs a solid blueprint, an effective internal audit function relies on robust planning to truly add value. Without it, you're essentially navigating without a map, reacting to events instead of proactively guiding the

Today, we're diving into the equally vital role of the PPT: how they actively measure, assure, and continuously elevate audit quality throughout the year and beyond. They're the guardians of excellence, making sure that the promise of quality is consistently delivered. Measuring, Assuring, and Elevating Excellence.

We all want confidence in the work internal audit does. We rely on it to provide clear, unbiased insights into how well our organisations are managing risks and operating effectively. But how do we ensure that quality? It doesn't happen by chance; it's deliberately built, nurtured, and constantly improved. In many top-tier internal audit functions, there's a dedicated group working tirelessly behind the scenes to make this happen: the Professional Practice Team.

Artificial Intelligence (AI). As AI systems become more deeply embedded in our operations, from automating decisions to generating insights, it's crucial that we understand how to ensure they are working as intended, fairly, and reliably. This is where Internal Audit plays a vital role. we must also strategically audit our AI systems. this means ensuring we can trust the 'black box' and the decisions it makes.

Ultimately, the transformative power of data lies in its ability to empower your organisation to anticipate, identify, and address risks in real-time. By embracing continuous monitoring, you're not just building a more efficient operation; you're building a truly resilient and well-controlled organisation, ready to face the challenges of today and tomorrow with confidence.

While absolutely essential for understanding historical performance, Management accounts often only scratch the surface of what your organisation's data can truly reveal. They're like looking in the rearview mirror: they show you precisely where you've been, but not necessarily where you're going, the subtle shifts happening beneath the surface, or the forces that influenced your journey.

Imagine for a moment your organisation's entire wealth of information – every sale, every purchase, every inventory movement, every customer interaction – as individual puzzle pieces. To truly understand the full picture of your business, you'd have to open each box, pull out the pieces, and painstakingly try to fit them together manually. It's an exhausting, time-consuming task, and it often leaves you with an incomplete or outdated view of what's really happening.

This post is about releasing the true value of IA: Issue Follow-Up and Enhancing the Control Environment.

Effective Internal Audit (IA) isn't just about conducting audits; it's a continuous cycle designed to provide assurance, insight, and foresight to help organisations achieve their objectives. This lifecycle encompasses planning, execution, reporting, and follow-up. Today, we focus on the critical starting point: Crafting the Annual Internal Audit Plan.

Does your Internal Audit Charter say that your function "complies" with the IIA Standards. if it does this means that you are committed to comply with the new IIA UK Code (Sept 2024). Given a reasonable period to bring your functions up to standard (say 12 months) if you are not complying with Principle 28 by Sept 2025 then you will not be not complying with your Charter or the Code.

In today's rapidly evolving business landscape, the Internal Audit function faces unprecedented challenges and opportunities. The increasing reliance on data, the proliferation of Artificial Intelligence (AI) systems, and the ever-present need for robust risk management necessitate a proactive approach to ensure the continued relevance and effectiveness of Internal Audit. The IIA Standard and, crucially for our context, the new IIA Code sets out guidance.

How does your audit team expect to audit AI systems in the future. Here is a guide to some of the areas that you need to consider. AI introduces unique risks and complexities that require specific attention. This post outlines key factors management should consider regarding AI governance and risk management, and the corresponding skills our IA team needs to effectively audit these systems.

This post outlines how an Internal Audit function can enhance its effectiveness and efficiency by integrating Data Analytics (DA).