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All Richard Chambers News
Top stories summarized by our editors
Top stories summarized by our editors

How agents of change can shape internal audit's future

3/25/2021

IIA President and CEO Richard Chambers introduces his latest book, "Agents of Change: Internal Auditors in an Era of Disruption," as his final installment and call to action. The 21st century is ushering in faster change and disruption. He writes: "What I see for the profession in the next decade is a critical turning point. Powerful forces driven by technology, macroeconomics, geopolitics, disruption, and rapidly accelerating and complex risks will reshape internal auditing. It is up to us to decide whether we will lead in that reshaping, or allow others to determine our fate."

2021 Pulse of Internal Audit: We are all in the same storm, but not the same boat

3/18/2021

The latest North American Pulse of Internal Audit report, "The Many Sides of Crisis," describes the numerous ways the pandemic has affected internal audit budgets, staffing, risk assessments and audit plans. IIA President and CEO Richard Chambers shares key findings from the report, including data showing the pandemic's uneven fallout across industries.

SEC: Environmental, social and governance risks better be on your radar

3/11/2021

IIA President and CEO Richard Chambers discusses the growing importance of environmental, social and governance reporting based on an announcement that the Securities and Exchange Commission had created a 22-member Climate and ESG Task Force within the Division of Enforcement to monitor how organizations report their climate- and ESG-related disclosures to investors. He notes: "In 2011, 20% of companies on the S&P 500 issued reports related to sustainability, according to the Governance & Accountability Institute. Today, that number is 90%. It is not surprising, then, that measuring the accuracy of this new discourse has come under increased regulatory scrutiny."

US Navy wants to throw 70% of its internal auditors overboard

3/4/2021

IIA President and CEO Richard Chambers outlines the US Navy's budget proposal to eliminate 70% of its internal audit workforce. "Not only would such a move by the Navy devastate critical assurance services, it would severely weaken oversight of a massive organization, whose budget was nearly $206 billion in taxpayer dollars in 2020," he writes.

Why do they think internal auditors are looking for problems?

2/25/2021

IIA President and CEO Richard Chambers examines the perceptions of internal audit based on a new comic strip from Dilbert that pokes at management's perception of and reaction to internal auditors. While it's funny, Chambers writes that it does beg the question, "Why does management so frequently assume that we are just there to 'find problems?' "

It's hard for internal auditors to "follow the risks" when there is no consensus

2/18/2021

IIA President and CEO Richard Chambers explores a recently published report from Protiviti and the North Carolina State University ERM Initiative titled "Executive Perspectives on Top Risks: Key Issues Being Discussed in the Boardroom and C-suite." While alignment exists on the top risk, there is no consensus on the others. "[T]he second-highest-rated risk as identified by CAEs -- managing cyber threats -- does not show up in any of the top five risks for CEOs, chief financial officers (CFOs), or chief risk officers (CROs)," Chambers writes.

How do you answer, "What do internal auditors do?"

2/11/2021

IIA President and CEO Richard Chambers provides some practical tips on creating an impactful elevator speech about internal audit. "Delivering the perfect elevator pitch doesn't happen by accident, or we'd all be doing it. But embracing a few proven techniques can rapidly improve your ability to make a strong first impression about yourself and your profession," Chambers writes.

I still believe internal audit shouldn't report to the CFO

2/4/2021

IIA President and CEO Richard Chambers discusses the trends and challenges of the chief audit executive reporting to the chief financial officer. He cites new findings based on the 2021 Pulse of Internal Audit report set for release in March, and writes: "Critics of this reporting relationship often contend internal audit could be steered away from auditing the CFO's area because the 'boss' doesn't want the scrutiny. I actually haven't found that to be the biggest problem."

Are boards negligent when internal audit heads are hired and fired?

1/21/2021

IIA President and CEO Richard Chambers explores the benefits and risks of an audit committee and board not having a clear and functional reporting relationship with the chief audit executive. "Without such a relationship, it is very easy for management to confine the scope of internal audit's work and to suppress unfavorable results," he writes.