As the decade comes to a close, the media seems to be awash with reports reflecting on milestones of the 2000s. Some have focused on the top new stories of the decade, while others focus on entertainment milestones, such as the best movies or sports events over the past 10 years. This has gotten me thinking about the most significant events of the past decade that have impacted the profession of internal auditing. I’m sure there were many events in global regions or individual countries that would make the list depending on where you practice internal auditing; however, I’ve compiled my list of the five events that defined the decade for internal auditors.

Throughout my career of more than 30 years as an internal auditor, I’ve seen several recessions come and go, and the impacts on the internal audit profession (WMV video file) have followed predictable patterns each time. I’ve seen operating environments shift and require internal auditors to reach into their skill toolbox and demonstrate their agility and versatility. The recessions we’ve experienced in the past, and the one we’re facing currently, also foster an environment much more conducive to fraud schemes, and the internal audit activity is in a perfect position to show its value during these times.