Agility in Internal Audit (Part 2)

In Part 1, we outlined our thoughts regarding traditional audit methodologies and documentation requirements, and said that those are being adapted by IA functions that want to remain relevant. We also mentioned our experience with a project that adopted a prototyping approach, rather than the traditional waterfall-style (the latter is roughly how audits are currently structured

Agility in Internal Audit (Part 1)

Having recently used an agile (with a small “a”) approach to deliver a risk analytics project to a large customer, we’ve have been thinking about how such an approach could be used by Internal Audit functions. This is not a new concept, others have produced frameworks for such approaches within IA, but IA functions continue to lag

The regulatory spotlight – ‘the more things change…

Another week surfaces another raft of emerging challenges for our Australian regulators and investigative bodies. At least the burden has been shared among various sectors and, in some cases, more than one regulator from the same industry is getting in on the action: Resources – investigations into alleged international bribery and high-level corruption. Banking –

Integrity and oversight agencies – unravelling their DNA

The existence (or absence) and performance of Australia’s various integrity agencies* is regular fodder for a range of commentators, including academics, lawyers and parliamentarians. Ongoing high-profile conduct issues only serve to heighten public interest. A favourite topic of debate is whether a federal anti-corruption commission should be established to address perceived weaknesses in oversight of

Internal Audit’s use of data – yes, it does go beyond CAATs / basic rules

Internal auditors have used Computer Assisted Audit Techniques / basic rules to identify duplicate invoices, payments and payroll transactions for some time. While these techniques have helped identify errors in transaction records, the expectations and mandates of Internal Audit functions continually evolve. Surveys of key stakeholders globally have highlighted that businesses are expecting internal audit,

The fraud merry-go-round – can you stay off?

Public sector fraud in the news again in Queensland – a high ranking official was charged with fraud by the CCC and a former public servant was sentenced to jail (wholly suspended) for misappropriating $42k. Fraud is pervasive and there is arguably no cost-effective, absolute way to ‘fraud-proof’ your organisation: I don’t believe anybody who