Are you an Internal Auditor at home as well?

Is your career, as an internal auditor, affecting your lifestyle and relationship with others?

It is a fact that our careers affect our lifestyle in one way or another, whether we intend this or not.For example, as an internal auditor, do you find yourself :

- Dealing with others with skepticism without giving them the benefit of the doubt?
- Paying too much attention to details at home? This may not keep your spouse or other family members happy!
- Trying to maintain independence in your relationships with family members and friends when sometimes you have to take sides and be biased?
- Questioning if your actions may result in a conflict of interest all the time?

On the positive side,do you think that internal audit made you :

- A more effective communicator
- An objective person
- A persuader
- Add value and change lives around you
- Vigilant. You pay more attention to your surroundings
- Better understand risks and opportunities
- Improved your decision-making process

Please share your thoughts and experience.

             

May is International Internal Audit Awareness Month .

May is International Internal Audit Awareness Month .What are your plans to promote our profession ? Please share your ideas and plans.

 

Did he impair his independence ?

Last week, the Director of Internal Audit at Cyprus Central Bank addressed the financial crises in his country to the media and discussed what the Central Bank intends to do with the bank deposits .His statement implied that he was involved in the discussions / decision making of the proposed arrangements. While we do not know the extent of his involvement ,if any ,the fact the he has addressed an operational issue to the public is unusual and may suggest an impairment of Independence .

What do you think ? Is it appropriate for internal auditors to address operational and management issues to the public ?

Free High Level Review of Internal Audit Departments !

Bibi Consulting is offering free high level review of internal audit departments in Ontario ,Canada and selected cities in the Middle East .

 

The review will focus on the following :

 

- Authority,organization and Independence.

- Staffing

- Audit process

- Quality assurance

 

The review is not designed to audit the company's operations in any form,or is designed to detect fraud or weaknesses in internal controls .It is not a substitute for the external assessment as stipulated by standard 1312 of the International Standards for  the  Professional Practice for internal Auditing,but it may help preparing for such assessment.

 

Upon the completion of the review, the company shall receive a brief report summarizing the work performed and recommendations for major areas of improvements ,if any.

 

To take advantage of this offer ,contact us at info@bibiconsulting.com .

 

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2013 Internal Audit Focus - Why compliance is still a high priority ?

According to the IIA Audit Executive Center's Fall 2012 Pulse of the Profession Study , the CAE's identified their top risk coverage priorities for 2013 as follows:

24%  Operational
14%  Compliance
13%  General Financial
12%  SOX Compliance
12%  IT
5%   Risk Management Effectiveness
4%   Fraud
4%   Strategic Business Risk
12%  Other

How do your priorities compare to the above ?

Would you feel comfortable spending 14% of your resources on compliance and only 5% on risk management effectiveness and 4% on strategic business risks?Is compliance risk really that important ?

Are internal auditors still spending significant time on SOX compliance ?

Please share your thoughts .

Is IA success influenced by Board & Management desire?‎

The traditional perception indicates that “Internal Audit will be what senior management wants it to be “. I was reminded of this while reading the Framework for Excellence Article in the Ia magazine's February issue. In particular, this statement caught my attention:

“Ultimately, an audit department can only be as advanced as the board and senior management want it to be”

Do you agree with this statement?

More importantly, do you accept this as being the normal way of doing business?
Do you feel that Internal Auditors can influence how the Board & Management perceive their work?

Can you share your experience and share your success story?

picture credit:http://gearingforsuccess.ca/gearing-for-success/

Do you have what it takes to be a mentor?

Being a mentor provides a great deal of job satisfaction and makes jobs more enjoyable and productive! However, not everyone has got what it takes to be a mentor.
To be a mentor, one should be:
- a good listener
- a leader
- patient
- willing to share knowledge
- experienced
- committed
- and above all, has the right mindset

Why Become a mentor?

An article published by the ExecutiveBrief lists the following argument :

"A great number of mentors claim that by being a mentor, one earns the respect and recognition of peers. Mentoring enhances authority, thus firming up one’s position within the organizational structure. The mentor likewise is given the opportunity or the chance to learn from the mentee."
While I agree with the above statement, I do not support the notion that mentoring should be used for enhancing the mentor's position. This should not be an objective by itself but can be a byproduct of the mentoring process.

I have come across a useful publication by Human Resources and  Skills Development Canada ( HRSDC), which provides good guidance about mentoring. I would like to share it with you. It can be accessed here.

Have you thought about mentoring?
If you already have, was it rewarding as promised?

These are my thoughts, please share yours!

picture credit:http://www.trudeaufoundation.ca