NEW! Innovation in Internal Audit: Unraveling the Unknown

Focus & Features

With the world changing around us and the impact to organizational processes and business models the word innovation has become more frequently mentioned. These changes provide challenges for internal auditors to do things differently so that IA will add greater value and remain relevant as part of the internal control/governance structure.

Considering innovation will enable auditors to better meet primary stakeholder expectations through process enhancements that focus on organizational changes, expectations, strategic plans/initiatives and efficiency/ effectiveness. Questions that may arise about innovation from discussions with your audit team, audit committee, management, and peers will be covered in the session. Finally, strategic initiatives for most organizations are becoming more critical for sustainability of the business. The need for increased emphasis on audits/consulting engagements for strategic initiatives will be reviewed/discussed. Attend this session to learn why innovation and strategic auditing is important to internal auditors that want to stay relevant.

In this one day seminar, we will discuss the following important issues

• What it is and why it is important to an Internal Audit (IA) function Issues that impact innovation negatively & how to overcome them
• How to increase creativity and innovation that will result in adding greater value to the organization
• Items that auditors consider innovative and how to initiate changes for improvement
• Why innovation should be a goal in your Quality Assurance and Improvement Program Discuss and review the application/provide examples of strategic thinking and strategic auditing
• Review the steps necessary for IA to become more innovative

What You Will Learn

• Definition of innovation & how it relates to internal audit (IA)
• Why internal audit needs to innovate
• Barriers to innovations
• Examples of innovation that IA can use to help the organization to improve governance, risk & controls
• Ideas to enhance IA innovation
• Increased focus, productivity & added value
• Methods to generate ideas for continuous improvement
• Emerging issues & innovation
• Challenges that IA could experience
• Important staff qualities to facilitate innovation
• Strategic thinking for auditors
• What role can IA serve in strategic initiatives
• Definition & differences between of strategic vs. tactical and objectives vs. goals Importance & challenges in auditing strategic initiatives
• Annual risk assessment process & strategic initiatives Auditing strategic initiatives
• Sample audit approach/program for strategic audits Lessons learned & leading practices

Who Should Attend

Auditors (IT, Operational, Performance, Financial) at all levels will benefit from attending this session on innovation and strategic auditing and help them to better understand how they can impact the audit function positively

Auditors/audit leadership that want to develop new audit approaches and learn tips, techniques & tools to engage the complete audit team and receive input and ideas for continuous improvement. Auditors that are ready for change to revitalize and better focus audit activities/coverage of primary organizational risks