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
Economist Podcasts by The Economist

Economist Podcasts

4,185 Listeners

The McKinsey Podcast by McKinsey & Company

The McKinsey Podcast

388 Listeners

PwC's accounting podcast by PwC

PwC's accounting podcast

180 Listeners

Coaching for Leaders by Dave Stachowiak

Coaching for Leaders

1,462 Listeners

WSJ Tech News Briefing by The Wall Street Journal

WSJ Tech News Briefing

1,639 Listeners

HBR IdeaCast by Harvard Business Review

HBR IdeaCast

1,836 Listeners

Tech Brew Ride Home by Morning Brew

Tech Brew Ride Home

963 Listeners

Cybersecurity Today by Jim Love

Cybersecurity Today

174 Listeners

Inside the Strategy Room by McKinsey & Company

Inside the Strategy Room

169 Listeners

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

Think Fast Talk Smart: Communication Techniques

813 Listeners

The Audit Podcast by Trent Russell

The Audit Podcast

118 Listeners

AUDIT 15 FUN by Jon Taber

AUDIT 15 FUN

16 Listeners

The So What from BCG by Boston Consulting Group BCG

The So What from BCG

221 Listeners

The AI Daily Brief: Artificial Intelligence News and Analysis by Nathaniel Whittemore

The AI Daily Brief: Artificial Intelligence News and Analysis

586 Listeners

HBR On Leadership by Harvard Business Review

HBR On Leadership

159 Listeners