We need to stop auditing the past and turn towards auditing what matters today and will matter in the future.
This new book by Norman Marks, globally recognized as one of the most influential thought leaders in internal auditing, builds on his previous publication, Auditing that Matters. It explains the value and practice of updating the audit plan continuously.
Risks and business conditions change all the time, so an annual plan or even one that is updated quarterly, won’t lead to auditing what matters today. You audit what used to matter.
We need to audit at the speed of risk and the business.
That requires making sure you understand changes in risk and the business as they happen, anticipate the risks the business and its leaders will face in the coming period, and update the audit plan accordingly.
Rather than an audit plan that is annual, semi-annual, or even quarterly, it needs to be updated on a far more continuous basis – at the speed of risk. A rolling audit plan that reflects what should be audited now and soon helps an internal audit activity remain both relevant and valuable.
Norman Marks dives into practical guidance on risk assessment, what should be in the audit plan, how to communicate it, and more.
He shares detailed examples of audit plans from three of his companies, as well as many stories about specific situations and how the continuous approach led to audits that delivered huge value to executives and the board.
Norman was privileged to have a review board of distinguished practitioners and leaders of the profession, who made sure this book will lead internal auditors towards the goal of world-class performance.