All Things Internal Audit

Advisory Work: How to Consult


Listen Later

The Institute of Internal Auditors Presents: All Things Internal Audit

In this episode, Mike Levy talks with Mike Jacka about the growing role of advisory services in internal auditing. They discuss how today's internal auditors are offering strategic insights that go beyond assurance work. They also cover how to balance objectivity with advisory work, how to fit advisory into audit planning, and how to show the value of these services.

Host:

Mike Levy, CIA, CRMA, chief executive officer and managing principal, Cherry Hill Advisory

Guests:

Mike Jacka, CIA, CPA, CPCU, CLU, chief creative pilot at Flying Pig Audit, Consulting and Training Solutions

Key Points:

  • Introduction [00:00-00:06]
  • The role of advisory services in internal audit [00:07-00:27]
  • Balancing objectivity with advisory work [00:28-02:06]
  • Early engagement and its impact on risk management [02:07-04:49]
  • Real-world example: social media consulting [04:50-05:56]
  • Advisory services in small vs. large internal audit functions [05:57-07:06]
  • Pre-implementation reviews as a key advisory opportunity [07:07-09:32]
  • Addressing the fear of losing objectivity in advisory work [09:33-10:45]
  • Demonstrating advisory value to audit committees [10:46-14:08]
  • Using assurance work to identify advisory opportunities [14:09-17:02]
  • Developing skill sets for effective advisory work [17:03-19:03]
  • The impact of strong relationships and trust in internal audit [19:04-22:41]
  • How the Global Internal Audit Standards support advisory services [22:42-26:06]
  • Fostering an advisory mindset within audit teams [26:07-28:18]
  • Strategies for internal auditors to enhance their influence [28:19-30:37]
  • Final thoughts and advice for internal auditors [30:38-32:00]

The IIA Related Content: Interested in this topic? Visit the links below for more resources:

  • Learning Solutions: The Advisory Engagement

Visit The IIA's website or YouTube channel for related topics and more.

Resources Mentioned:
  • The IIA's Complete Global Internal Audit Standards
  • The IIA's Cybersecurity Topical Requirement
  • The IIA's External Quality Assessment (EQA)
  • The IIA's Emerging Leaders Mentoring Program

Follow All Things Internal Audit: Apple PodcastsSpotify LibsynDeezer

...more
View all episodesView all episodes
Download on the App Store

All Things Internal AuditBy The Institute of Internal Auditors

  • 4.5
  • 4.5
  • 4.5
  • 4.5
  • 4.5

4.5

13 ratings


More shows like All Things Internal Audit

View all
Freakonomics Radio by Freakonomics Radio + Stitcher

Freakonomics Radio

32,254 Listeners

Planet Money by NPR

Planet Money

30,732 Listeners

TED Talks Daily by TED

TED Talks Daily

11,161 Listeners

WSJ What’s News by The Wall Street Journal

WSJ What’s News

4,393 Listeners

6 Minute English by BBC Radio

6 Minute English

1,862 Listeners

HBR IdeaCast by Harvard Business Review

HBR IdeaCast

181 Listeners

TED Business by TED

TED Business

1,099 Listeners

The Daily by The New York Times

The Daily

113,049 Listeners

Up First from NPR by NPR

Up First from NPR

56,906 Listeners

Think Fast Talk Smart: Communication Techniques by Matt Abrahams, Think Fast Talk Smart

Think Fast Talk Smart: Communication Techniques

839 Listeners

The Audit Podcast by Trent Russell

The Audit Podcast

119 Listeners

AUDIT 15 FUN by Jon Taber

AUDIT 15 FUN

16 Listeners

HBR On Leadership by Harvard Business Review

HBR On Leadership

174 Listeners

WSJ's Take On the Week by The Wall Street Journal

WSJ's Take On the Week

146 Listeners

Speaking of Risk and Audit by AuditBoard

Speaking of Risk and Audit

0 Listeners