Internal Audit Discussions: Right-Sizing Internal Audit - Benchmarking is Barking Up Wrong Tree
Field: Auditing | Delivery Method: Self Study | CPE Hours: 0.5
Most Chief Audit Executives (CAEs) struggle with justifying the level of internal audit resources. When internal audit is viewed by stakeholders as a "cost center" this is an annual challenge justifying headcount and annual budgets, especially when the organization is in cost-cutting mode. Many in the profession advocate using benchmarking as a way to "right size" the internal audit function, but this can be a very slippery slope and is based on some faulty assumptions. A much better approach is to focus on the organizational risks and expectations of the board and senior management to develop a resource level commensurate with the risks and expectations.
Jason Mefford is a rock star in internal audit, risk management and compliance. He typically works with Chief Audit Executives (CAE) and professionals in audit, risk and compliance with the technical and soft-skills needed to navigate the land mines of organizations. He takes complicated, confusing & hard things, makes them practical, proactive & simple to improve learning and transformation. He's been an executive in charge of internal audit, risk management, ethics, compliance, and information security.