As I commented in my recent blog posts on Feb. 10 and Feb. 25, internal auditing is sometimes accused of being reactive rather than proactive when addressing emerging risks. Changing that perception is important for the profession as it moves forward. However, as a recent IIA survey reveals, the profession has much to be proud of when it comes to demonstrating its agility and versatility in the face of a dynamically changing environment. Conducted during the first week of March, the survey solicited the insights of more than 360 respondents — 70 percent of which are chief audit executives (CAEs) — on how the current economic conditions impacting the profession in North America and the coverage that internal auditing is providing in the corporate sector. It is noteworthy that 34 of the participants are CAEs at Fortune 100 companies.

Having served as a U.S. federal inspector general (IG) and later as an advisor to scores of Fortune 500 chief audit executives, I have the unique perspective of understanding both worlds. No one would seriously suggest imposing the federal IG model on the corporate sector. It simply would not work. However, in the environment in which we are currently operating, there are things that corporate CAEs can learn from their federal counterparts about keeping an eye on reputational risks and focusing on efficiencies and operational effectiveness to drive down costs.