As this unprecedented year is winding down, it is time for internal audit to take a moment and perform an honest self-assessment that goes beyond the requirements of standard 1311 of the International Standards of the Professional Practice of Internal Auditing.
If you have not already performed the assessment, here is a list of some suggested questions internal auditors need to ask themselves:
- Did we really try our best to help our company to survive and succeed in any way we could?
- Did we act fast enough or did we panic and hesitated?
- Did we adapt to the new normal in a reasonable time?
- Were we prepared for a crisis like this in terms of training, communication skills, and mindset?
- Did we lead or did we wait to be told what to do?
- Did we realize that the pandemic also presented a unique opportunity for internal audit to rise and shine? Did we take advantage of this opportunity?
- What did we learn about ourselves at the professional and personal levels? Is an internal audit career still in our future?
- Did we accurately identify our weaknesses and shortcomings and developed a plan to deal with them?
- Are we now more relevant or less relevant to the company? Did our stakeholders change their perception about internal audit?
- Do we have a clear vision of our role and responsibilities post-pandemic? Do we understand how we can contribute to business resilience and the continuation of operations?
- If we have failed, do we have the courage to admit it and seek help to transform and pave the way back to success?