Page 16 - IIA MAGAZINE_March 2017_English
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TO COMMENT on the article, Interviews - FA
EMAIL the author at farah.araj@gmail.com
Thinking about a couple of effective circumstances alone would not necessarily Is there a role for the Audit
Internal Audit leaders who possess result in an effective Internal Audit Committee in increasing the
these characteristics, could you tell leader. They have pushed the boundaries effectiveness of Chief Audit
us how these leaders attained these of their responsibilities, they’ve stayed Executives and their successors?
characteristics? up to date with developments in the
profession and they’ve continued their Most certainly! This role takes place at
The 2017 Study showed that 47% of professional education through attending many levels. From the human resources
Internal Audit Departments are not relevant conferences and trainings. Most side, there they should require succession
seen by stakeholders as an advisor to the importantly, these Internal Audit leaders plans to be put in place for key positions in
business or that their corporate culture have been involved early in the business the Internal Audit department and provide
does not support Internal Audit taking a disruption cycle. Our 2017 Study showed the department with a sufficient budget to
more strategic role. This would indicate that Internal Audit departments that attend trainings and conferences. From the
that most effective Internal Audit leaders addressed business disruptions (such as scope side, they should ask the Chief Audit
had a challenging journey to become new regulation, changes in business model Executive for a more complete picture of
trusted advisors to the business. They have or strategy, cybersecurity and privacy the organization’s response to business
gained experience in good companies, threats) were perceived to be adding disruptions. From the quality side, the
they were mentored by effective leaders significant value to their organisations. Audit Committee should actively review
and they achieved relevant Internal Audit the results of the quality assurance and
certifications. However, these healthy improvement program and demand both
internal and external assessments. Finally,
the Audit Committee should clearly
communicate expectations to the Chief
Audit Executive and formally evaluate his
performance on an annual basis. All these
elements create an environment which
helps grow and retain effective Internal
Audit leaders.
Do you have any final
advice for aspiring or current
Internal Audit leaders?
If I had to leave you with one last thought
it would be that our stakeholders are
continually demanding more from the
Internal Audit function and it is imperative
for Internal Audit leaders to focus on
the big picture and aligning to what is
important to the business. Do this by
creating a great vision for the Internal
Audit department, hire great people and
motivate them to work towards that vision!
Also, make sure that this vision pushes the
boundaries of Internal Audit and focuses
on new value add areas such as business
disruption. This is the only way the Internal
Audit function would be able to provide
value-adding services and proactive advice
for the business today and become a
trusted advisor.
16 INTERNAL AUDITOR - MIDDLE EAST MARCH 2017
