I look back at late 2008 and early 2009 as the most difficult time of my 18-year career with The IIA. It was the one time I was forced to let team members go, and to watch friends and co-workers lose their jobs through no fault of their own. At the time, the global economic crisis was making its way through organizations, and The IIA was not spared. The Institute was forced to part with more than 40 employees despite efforts by leadership to steady the ship.
As that difficult time was beginning, The IIA’s Board of Directors brought in Richard Chambers as The Institute’s ninth president. Chambers, along with the Board, worked closely with IIA staff members to identify areas where The IIA could cut costs and grow revenue. “Those early months of 2009 were really spent working collaboratively,” Chambers says, adding that the process “really exemplified the very best of who we are.”
Ten years on, I had the opportunity to sit down with Chambers at The IIA’s Headquarters in Lake Mary, Fla. He reflected on those challenging days, discussing how The IIA and the internal audit profession responded to the financial crisis and how both have grown in scope and influence since then. In
“Trials and Transformation," Chambers notes, however, that there is much room for improvement when it comes to internal audit’s value proposition. For example, he points out the need for practitioners to fully embrace the
International Standards for the Professional Practice of Internal Auditing and learn to provide foresight on risks to the organization.
“The Forward-looking Auditor,” Shawn Stewart of Grant Thornton and Sandy Pundmann of Deloitte take the internal audit foresight discussion further, delving into just what it will take for internal auditors to succeed in this area. “If successful, internal auditors have an opportunity to inform and shape the critical decisions that their management teams must make,” Stewart says.
Among those decision-makers is the audit committee, which is the focus of Internal Auditor’s new department,
“Board Perspectives." We have revamped and renamed “Governance Perspectives” to focus on the expectations of internal audit’s stakeholders — the board and audit committee. The department is written from the perspective of the audit committee, featuring committee members sharing their views on how internal audit can provide value to them and the organization. These leaders also will discuss the audit committee’s oversight responsibilities, ways to align internal audit with the audit committee, and timely business events in which audit committees and internal audit should be involved. Matt Kelly, editor and CEO of Radical Compliance, is the author of the new department. Let us know what you think!