Internal Audit Emerging Risks for 2021 and Beyond – Part 1

Part 1 of 4

The world has changed. 2020 was an unprecedented year for all professions. Internal auditors were faced with a tremendous impact to their audit plans causing refocus and realignment of not just projects but resources. As a profession, internal auditors have traditionally focused on past events or as some would say, taking the “look in the rear view mirror. Most financial or accounting professionals can look at previous year data and tell management where past mistakes were made.

With the evolving landscape, risks and economy that have been spurred on by the pandemic of 2021, internal auditors must look to stretch their skills to areas that are most valued by their organizations. Today's insight may well be tomorrow's hindsight.
Stakeholders seek to navigate the future more than revisit the past or dwell in the present. We need to concentrate on the risks of tomorrow if we are to not only protect but enhance value for our organizations. We must start looking beyond the horizon to identify emerging risks.

This is segment one in a four-part series in which we will take a deep dive into the individuals suggested risk areas. In this session we will examine three areas of focus and some of the most impactful risks that Internal Audit should focus on during the new normal.
  • Heightened Focus on Organizational Resilience
  • Elevated Macro Environment Uncertainty
  • Humanization vs. Dehumanization of the Workforce

After reviewing these areas, we will then link them to “Hot Spot” topics as identified by the Gartner group that internal audit should be attuned to in 2021 and years forward. Within each segment, as we delve into the hot spot areas, we will discuss internal audit’s role and objectives as well as potential audit tests that should be considered when evaluating the particular hot spot.

This session begins by examining the three focus areas previously listed and then begins to delve into the first two Hot Topic areas of IT Governance and data governance. Lesson Objectives for session one include:
  • Examine the impact of COVID on Internal Audit Focus Areas
  • Understand the three key themes for internal audit focus
    • Heightened Focus on Organizational Resilience
    • Elevated Macro Environment Uncertainty
    • Humanization vs. Dehumanization of the Workforce
  • Evaluate and identify procedures for specific internal audit Hot Spots
    • IT Governance
    • Data Governance

The continuing series is outlined below.
Part Two: IA 2021 and Beyond Focus Areas
  • Cyber Vulnerabilities
  • Business Continuity Disaster Recovery
  • Talent Resilience
  • Corporate Social Responsibility

Part Three: IA 2021 and Beyond Focus Areas Part 3
  • Third-Party management
  • Supply Chain management
  • Data and Analytics

Part Four: 2021 IA Focus Areas 2021 and Beyond
  • Risk Management and Culture
  • Workforce Management
  • Corporate Financial Management


Field: Auditing
CPE: 1
Delivery Method: Self-Study
Format: Video



Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive
Business Consultant, Trainer, Author

Ms. Fountain has over 40 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, SSAE 18, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  Internal Audit Emerging Risks for 2021 and Beyond – Part 1
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