How will Internal Audit look like after COVID-19?

There have been many articles and posts dealing with the Internal Audit's role during the COVID-19 crisis. These were useful, but now we need to plan for what happens next. The economic, social and financial implications of the crises are expected to be severe at least for the short term.

Eventually, this crisis will pass and most businesses will resume operations and will have to adapt to the new realities to survive. Changes to operations and mindset will need to be made at all levels including at Internal Audit Departments.

As most of you are at home during this difficult time and are probably bored, let's try to think about how the internal audit function at your organization will look like after the crises! For example:

• Did the crisis change you as a person and how this will reflect on you as an internal auditor?
• What lessons have you learned during the crises and what are you going to do about it?
• What type of changes will you make to strengthen internal audit?
• Do you anticipate an increase or decrease in the number of auditors within your department?
• Do you anticipate management to change its perspective of internal audit (positive or negative)?
• What would you do to be prepared for the next crisis?

I look forward to hearing your thoughts and feedback!

Let's not Glorify the Fraud Culture!

 Recently, I have been watching some interesting TV shows!The common theme of these shows evolved around fraudsters and con men who are portrayed as being smart and charismatic with exceptional talent. Some are portrayed as the go to experts to solve problems that can't be solved by hard working honest professionals!They are presented to be the solution rather than the problem. The sad reality is that it is easy for most of us to admire such characters and fall in love with them!

The Dangerous Message!

While the purpose of the shows is to provide entertainment, they are also sending an unintentional dangerous message to the youth that being a fraudster is actually a "cool thing". It is not a secret that at this era of rapid technological advancement the difference between what is real  and is virtual  and fiction may not be so obvious to some!

It All Starts at Home!

Fraud will always be out there and it will be evolving contentiously .We can not completely eliminate it, but we can fight it before it becomes a monster ( if it does not already became one in your country). We can only do this by starting  at the source, our kids!

 Preventing, fighting  and building awareness about fraud starts at home at an early age. Parents need to keep a close eye on what their children read and watch and who their role model is.
 A few years back, my teenage son expressed his desire  to become a broker after watching the Wolf of Wall Street movie! It took several rounds of discussions to explain to him the difference between an ethical broker and a bad one.

Let's not glorify the fraud culture and start to build an anti-fraud one starting from our homes!

These are my thoughts, please share yours

What Have You Learned Today?

Internal Auditors are expected to provide advice on best practices, consulting services, and opinions on a wide range of issues. To be able to do so and achieve the status of a "Trusted Adviser", I believe they need to learn new things on daily basis! And "by new things", I am not only referring to necessary technical knowledge, but to any other useful piece of information. Such information may prove to be useful to them in providing their services and/or as a door opener in establishing relationships with their customers. Not to mention, improving their business acumen.

Don't confuse this with continuous professional education (CPE), these are two different things!

I have been literally doing just that (learning a new thing every day) for a long time. I would like to think this approach has helped shape who I am today. Needless to say, modern technology has made it much easier to achieve this goal compared to the past!

What Did I Learn Today?

It is very simple and basic: I have learned the difference between " what did you learn today" and "what have you learned today"! I was debating which sentence is more appropriate to use. I have learned that both sentences are grammatically correct. The former is past simple and the latter is present perfect. This is useful information for someone whose English is a second language like myself and for improving my vocabulary &  communication skills!

Why Learn New Things?

An article published on Lifehack.org lists the following benefits :

• Learning across a wide range of subjects gives us a range of perspectives to call on in our own narrow day-to-day areas of specialization.
• Learning helps us more easily and readily adapt to new situations.
• A broad knowledge of unfamiliar situations feeds innovation by inspiring us to think creatively and providing examples to follow.
• Learning deepens our character and makes us more inspiring to those around us.
• Learning makes us more confident.
• Learning instills an understanding of the historical, social, and natural processes that impact and limit our lives.

I can't agree more.

Practical Approach to Everyday Learning!

• First and foremost, you need to have the will and commitment to learn! Where There’s a Will, There’s a Way!
• Chose the right information source. Social media does not necessarily provide correct and accurate information! 
•  Pay attention! You will be surprised how much you can learn by paying attention to people and your surroundings.
• Be curious. Albert Einstein once said, "I have no special talents. I am only passionately curious". 
• Combine entertainment with learning! I often find myself googling a word, a term, or a piece of information I have heard while watching my favorite TV show or reading a fiction book!
• Make reading part of your daily ritual. Joseph Addison said," Reading is to the mind what exercise is to the body ".
• If you are a disciplined person, set aside a specific time of the day for quick learning ( i.e. first thing in the morning, bedtime, during commute, or during breaks).
• Don't be shy or embarrassed to learn from younger people. I still learn a lot from my children!
• Make your smartphone work for you. Set up an alert for your topic of interest to keep you up-to-date.

Do You Have The Time?

Absolutely! There is no excuse for not learning a simple thing a day. It only takes a few minutes, this is equivalent to one social media status update!

So, What have you learned today?

Picture credit:What Have I Learned Today Text Written On Notebook Page, Red Pencil On The Right Stock Photo, Picture And Royalty Free Image. Image 39823048. (123rf.com)

How to tarnish your company's reputation in 30 seconds?‎

Yes it’s possible; it only takes an inappropriate tweet or a status update on a social media web-page such as Facebook , LinkedIn  or a short video on  You Tube to cause a major damage to a company’s hard earned reputation or brand .This could happen intentionally or as a result of ignorance or oversight.  While the company may not have control over the intentional acts, it can do something to eliminate, or at least minimize, the actions caused by ignorance or oversight. Here is what I think can be done:

• It starts with recognizing the power & risks of social media .If management does not believe in it, then such management is part of the problem, not part of the solution.
• Raise awareness at all levels in the company about the benefits and risks associated with social media.
• Conduct training to educate all employees on how to deal with social media at work or in their private life.
• Set a clear and concise social media policy and ensure that it is distributed to and understood by all employees.
• Include social media risks in the company’s risk management plan.
• Include social media behavior in the company’s Code of Ethics.
• Perform Social Media audits on continues basis.

Can you suggest more actions or discuss your company's experience with this issue ?