Weekly Wrap – 30th July 2013

Video Highlights

0:21 – End of Year Planning
1:03 – Now is Time to Schedule Audit Committee Meetings
1:23 – Keeping Current
1:48 – How Does Institute Cater for 98% Members that Didn’t Attend International Conference
2:24 – Seek Out the Best Knowledge


Hi I am Tom McLeod, Managing Consultant of McLeod Governance.

These are the two things that I would be talking to your organisation about this week.

A day or so ago, a friend of ours put up on their Facebook page any suggestions for their eight and six year old kids for Christmas.

My first reaction was “it is only end of July, that is a long way out”.

Indeed I checked it is about 140 odd days until Christmas Day.

But then it got me thinking – what should we be doing in terms of planning for the end of the year?

For anyone that has a calendar year audit plan now is the time to be engaging your stakeholders.

Now is the time to be assessing the validity of your current year plan.

Now is the time to be scheduling meetings with your Audit Committee, probably around the November time frame.

And depending on whether your plan is approved in the November Audit Committee or in the first Audit Committee of the new year, you need to be start thinking now where, when, how and what will that audit plan constitute.

Recently the Institute of Internal Auditors hosted its international conference in Orlando, Florida.

Now lets assume that between two and three thousand people attended that conference. And by the Institute’s own literature there is something like 170,000 paid up members of the Institute.

My question was, and is, how does the Institute cater for 98+% of people that are members but are not able to make it to Orlando?

How many of us really got to see the in-depth key note speakers like Madeline Albright?

And if we didn’t what are we doing to understand what are the new and emerging threats of the Institute’s way of being?

Now this is not only just an Institute issue.

Yes they need to do more in terms of engaging those members who do not travel or those members Hothat want to engage through social media.

But equally it is incumbent upon you as a professional in this area to seek out the best knowledge.

And my question for you rather than for your organisation is – this week, what have you done to put yourself at the forefront of internal audit thinking?

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