COVID-19 has impacted all professions and internal audit is no exception. As if communicating and conducting an internal audit on-site isn’t hard enough, now we face the challenges of remote work and a rapidly changing risk environment.
With the onset of the COVID pandemic in 2020, Internal Audit departments saw their audit plans changing and adapting. In many cases, internal resources were re-allocated to operational areas. In addition to these challenges, Internal Audit saw challenges with:
• Emerging business risks and technologies
• Audit Plan Priorities
• Staff Skillset
• Department Resources
Organizations, their environments and their ways of working have evolved rapidly and in ways that had not been previously envisioned. This includes everything from reallocation of work responsibilities to being expected to conduct internal audits remotely. Internal auditors must look within to determine how to stay relevant and add value in this changing and emerging environment.
It is important that Internal Audit is proactive and prepared, while remaining pragmatic, as the situation continues to evolve.
Publication Date: February 2022
Topics Covered
- Challenges to the Traditional Audit Process
- Emerging Risks
- COVID-19 Challenges
- Skills
- Technology
Learning Objectives
- Identify the challenges for auditors to stay relevant in a changing business environment
- Recognize the challenges to the traditional audit process
- Recognize the top emerging risks for internal audit in 2022
- Evaluate the impact of the changing environment due to COVID-19 on the work plan of internal audit
- Recognize actions internal audit can take to address challenges
- Recognize the importance of upgrading the skills and exposure of the internal audit team
- Recognize the role of technology in assuring a smooth transition to value-added auditing
- Identify an example of a performance standard
- Recognize the top seven risks in 2022 identified by executives
- Identify the top method for upgrading skills that are non-technology related
- Identify what percent of CAE's felt the dynamic nature and velocity of risks must be an overarching consideration for IA and other risk professionals
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Experience with internal audits.
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.