When All Defenses Fail: Internal Audit Lessons From the HealthCare.gov Debacle

Posted on Nov 25, 2013

A lot has been said and written over the past couple of years about the Three Lines of Defense Model — a tool that is often used to illustrate the interrelationship and roles/responsibilities of the board, management, internal oversight functions, and internal audit in ensuring that risks are adequately assessed and effective controls are in place. The IIA published a position paper on the model earlier this year that outlines the roles and responsibilities of each player — with emphasis on internal audit.  

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The Transparency Debate: How Does It Affect Internal Audit?

Posted on Nov 18, 2013

For years, investors, global regulators, the media, and others have been clamoring for greater transparency in the corporate sector. Following the global financial crisis in 2008, the chorus reached a crescendo. It was argued that lack of corporate transparency (particularly in the financial sector) was a direct factor in the crisis, and that failure to ensure greater transparency in the future would doom the global economy to further disasters. While the message was pretty clear a couple of years ago, today the noise around transparency is becoming a bit more muddled. Some still favor greater transparency, and others think the current requirements are already too great.

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To Recruit the Best and Brightest, Internal Audit May Need to "Lighten Up"

Posted on Nov 11, 2013

I often have commented in this blog on how vital talent is to the effectiveness of an internal audit function. Not only is it important for internal audit to have seasoned staff to assess risks and controls, but it is becoming increasingly important to infuse the department with fresh technology skills, analytical thinking, and other competencies that stretch beyond the accounting skills for which auditors traditionally have been known. 

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