Weekly Wrap – 20th August 2015

Hi I am Tom McLeod, Co-Founder of McLeod Governance.

This is what I would be thinking about this week.

An Interesting Question

Does Internal Audit need the Institute of Internal Auditors?

I received that question in an email invitation last week to speak at a function.

It was an interesting question to receive.

And one that I have given considerable thought to the affirmative and the negative of the issue.

Let’s start with the negative for one moment.

Internal Audit Does Not Need the Institute of Internal Auditors

Internal Audit does not need the Institute of Internal Auditors.

Primarily because Internal Audit is an art.  An art does not need some overarching guidance.  Instead it needs the creativity of each practitioner.

Internal Audit does not need the Institute of Internal Auditors.

Because the Institute of Internal Auditors is, as I have said many times before, too North American centric.

Internal Audit does not need the Institute of Internal Auditors.

Because the CFO community does not necessarily value the key certification criteria – the Certified Internal Auditor accreditation.

So if that is the negative what about the positive?

Internal Audit Does Need the Institute of Internal Auditors

Internal Audit does need the Institute of Internal Auditors.

Because we need one global voice.

Internal Audit does need the Institute of Internal Auditors.

Because if we ever seek to have more impact than we currently have we need to be to a standard we are all comfortable with – not the lowest standard.

Internal Audit does need the Institute of Internal Auditors.

Because what is the alternative?

To have no structure?  To have no guidance? To have no over-arching consideration?

Opportunities for Improvement

I do believe – and believe very strongly – that Internal Audit does need the Institute of Internal Auditors.

That does not mean that there are not, in the words of that we often use in our reports, significant opportunities for improvement.

But don’t throw the baby out with the bath water!

Subscribe to Receive Our Email Updates

  • This field is for validation purposes and should be left unchanged.