Internal Audit Emerging Risks for 2021 and Beyond – Part 4

Part 4 of 4

This session is part four in our series on Internal Audit Focus and Emerging Risks for 2021 and Beyond. 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.
Part one of the series evaluated three core categories that impact the “Hot Topic” areas for internal auditors to focus on in the future. These included:
  • 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. In session one we delved into the topics of IT Governance and Data Governance.

Within Part Two of the series, we examined:
  • Cyber Vulnerabilities
  • Business Continuity Disaster Recovery
  • Talent Resilience
  • Corporate Social Responsibility
Within Part Three of the series, we examined:
  • Third-Party management
  • Supply Chain management
  • Data and Analytics

Our lesson objective for this session which is part four in the series include:
Risk Management and Culture
  • Examine risk management and culture and evaluate methods internal audit can use to evaluate their organizational processes.
  • Examine workforce management and workplace audit concepts and evaluate methods internal audit can use to evaluate their organizational processes.
  • Examine corporate financial management concepts and evaluate methods internal audit can use to evaluate their organizational processes.


Field: Auditing
CPE: 1.5
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/


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