Sunday, August 12, 2012

My Fellow Auditors :Test your listening skills

One of the most important skills in auditors in general and internal auditors, in particular, is the ability to ‎listen.‎
I like an article entitled: Now Pay Attention, Here's Why You Need Good Listening Skills by Dawn ‎Rosenberg McKay (http://careerplanning.about.com/cs/miscskills/a/listening_skill.htm). Below are ‎some parts of it:‎

Why You Need Good Listening Skills
‎ Good listening skills make workers more productive. The ability to listen carefully will allow you to:‎
‎ •better understand assignments and what is expected of you; ‎
‎•build rapport with co-workers, bosses, and clients; ‎
‎•show support; ‎
‎•work better in a team-based environment; ‎
‎•resolve problems with customers, co-workers, and bosses; ‎
‎•answer questions; and ‎
‎•find underlying meanings in what others say.‎

I also would like to add that listening is a sign of respect for the other person!‎

How to Listen Well
‎ The following tips will help you listen well. Doing these things will also demonstrate to the speaker ‎that you are paying attention. While you may, in fact, be able to listen while looking down at the floor, ‎doing so may imply that you are not.‎
‎•maintain eye contact; ‎
‎•don't interrupt the speaker; ‎
‎•sit still; ‎
‎•nod your head; ‎
‎•lean toward the speaker; ‎
‎•repeat instructions and ask appropriate questions when the speaker has finished.‎

‎ A good listener knows that being attentive to what the speaker doesn't say is as important as being ‎attentive to what he does say. Look for non-verbal cues such as facial expressions and posture to get ‎the full list of what the speaker is telling you.

Barriers to Listening
‎ Beware of the following things that may get in the way of listening:
‎•bias or prejudice; ‎
‎•language differences or accents; ‎
‎•noise; ‎
‎•worry, fear, or anger; and ‎
‎•lack of attention span.

Do you think you are a good listener? Let’s put this to the test! Here are links to listening skills ‎tests:‎

http://www.taft.cc.ca.us/lrc/quizzes/listtest.htm
http://psychologytoday.tests.psychtests.com/take_test.php?idRegTest=3206‎
http://www.cornerstone-ct.com/test-your-listening-skills/

Good luck!‎



Photo credit:www.yourthoughtpartner.com

Thursday, June 14, 2012

Soft Controls:The human angle of an audit!‎

I have recently attended an IIA webinar about Coordinating Risk Management and Assurance. One of ‎the poll questions was as follows:

Soft controls are easier to audit:

‎– True
‎– False
‎– Depends on circumstances

Almost two-thirds of the respondents choose “false” while the other third choose “it depends”.‎
Soft controls in the above-mentioned webinar were characterized as controls that” Tells you what’s ‎really inside the people”.

‎ Having determined the difficulty of auditing soft controls, my question is as follows: Are internal ‎auditors really trained to audit soft controls? Do we need some basic training in human behavior and ‎psychology?

Please share your thoughts and experience.‎










Picture credit:https://executivefinance.nl/


Friday, June 8, 2012

Can a CAE become a CFO ?

I am always asked if a CAE can make the move to operations and become a CFO. My short answer is ‎‎“yes” and my detailed answer is “it depends”.‎

My” yes” answer assumes that the CAE has the experience, educations, and mindset that enables ‎him/her to function as a CFO. I strongly believe that you cannot audit what you do not understand; ‎accordingly, any successful CAE should have a good understanding of the CFO function.‎

My “it depends “answer refers to the fact that CFO roles may be influenced by the complexity and ‎nature of operations of the organization. I believe that there is no “CFO” fits all type of thing. Each ‎organization has specific requirements for its CFO experience and education. An organization going ‎through an IPO, for example, would require a different type of CFO than a small or not for profit ‎organization.‎

I would love to hear from CAEs who made it to the CFO position. Please share your experience, ‎recommendations and lessons learned during this process.‎

Monday, November 21, 2011

Reputational Risk or Risks to Reputation?

My Reputational risk article is published.It can be viewed here:

http://bibiconsulting.homestead.com/riskarticle.html

Please let me know what you think.

Saturday, November 19, 2011

IT Security and the Average Person

Last week, I was visiting a healthcare provider and was impressed with the software he was using to provide his services .I asked him when was the last time he backed up the data and patient files on his computer, I was shocked when he said "never". I asked him what will happen to his practice if his 3 year old laptop suddenly collapsed and the data can't be retrieved from the hard disk. He simply shock his head .I did not leave him that day until an external hard drive was bought and all his data were backed up.
This is only one example of too many cases that people face every day .How many of you can access unprotected Wi-Fi networks at home or work? How many of you know of people who do not have antivirus software installed on their computers? Or who do not use passwords to protect their computers of mobile phones?
This lack of basic IT security knowledge is not limited to the older generation of technology users, but can be seen at all age categories.
Spreading basic IT knowledge and awareness is an important step in living in a safer world. If every one of us can help those we know to reach a minimum level of IT security awareness, we will contribute to living in a world of less spam, identity theft and other risks.
I know that this takes time and effort, but it is worth it!

Sunday, November 6, 2011

Do internal auditors need accounting designations?‎


Despite the important progress made in recognizing the value of the CIA designation and other internal audit-related certifications, I am still surprised that many companies (at least in Canada) are still requiring an accounting designation for their internal audit vacancies. The accounting designation is always “a must-have”, while the CIA is “a plus or nice to have”.

The question is: do internal auditors really need an accounting designation? The market seems to suggest that!! In my opinion, The CIA should be “a must-have” and the accounting designation “ a plus or nice to have”. What do you think?






Picture credit:https://bibf.com

Thursday, August 18, 2011

Is it A Liquidity Trap?‎


I am not an economist or pretend to understand how the markets work. I am a simple person who invested in equities and mutual funds directly and through financial advisors and ended up losing a lot of money under both scenarios. I start my morning watching business programs on CNN, Bloomberg, CNBC and BNN to try to understand what’s going on in the financial markets .All what I hear these days is explanations  of why the financial markets are plummeting. There is no shortage of excuses!! I honestly do not understand why stock prices are falling when most companies are doing well and full of cash!

Today, I heard one of the commentators (I think on CNN) saying that we can blame what is happening on the “liquidity trap”! He said that individuals have money but not spending it because they want companies to hire people. On the other hand, companies have money, but won’t hire people unless they start buying their goods and services. He did not offer any solution on how to break this deadlock!

My solution is to switch off the TV and forget all about my investment for a couple of years!!

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