Internal Audit is an evolving profession, that has had extensive updates to Standards, Methods and Models in the last two decades. It is not easy to keep up with change and the need to add value to the Board and Executive Management. Accountability Consulting has expertise in Internal Audit evolution focused on adding value.
Today’s Internal Audit Leader has to juggle evolving expectations on all fronts. The Institute of Internal Auditors has significantly updated Professional Standards twice within the last 15 years. Within the last five years a new Mission Statement and Certification Exam has been rolled out. By 2023 the Standards will be updated for a 3rd time. As pressures have increased on Boards and Executives, their expectations of Internal Audit have also changed. Where Internal Audit has been unable to change quickly enough, roles have been expanded in other risk functions including quality, ERM and information security. If Internal Audit is not anticipating and evolving to meet growing needs, they risk being minimized as a resource to their Board and Executive Team. Finally, resources are always limited, so all these expectations must be met on a budget. We help value adding change in Internal Audit Departments happen.
Policies and public regulations are the birthright of a democratic society. An entity and/or a population gets to decide what lines should not be crossed for the good of the entity and/or the overall social good. This practice has created wealth across the world, adding fairness, and elevating those with needed skills. However, as markets and economies have grown from handshake transactions into interdependent systems, policies and regulations have not always kept pace. Misapplied policy can strangle growth, and bad regulation can shatter efficient systems into expensive silos.
Creating value adding policies begins with a solid understanding of roles. Clear roles lead to clear policy objectives and healthy policy development practices. Once roles are connected with policies in a healthy way, the capacity to chart and manage a path to success by the Board and Executives increases as well. AlignedInfluence.com, an affiliate of Accountability Consulting, illustrates the practical and healthy relationship between a Board and its Executives in this simple model graphic above, based on ideal roles for each.