Almost everybody, whether on the board, in management, or in internal audit, agrees that internal audit should be “risk-based. But I don’t think they are talking in the same language. 

Deloitte’s Tech Trends 2013 is a pretty detailed and interesting look at the disruptive effects of technology on business — and the necessary change in the role of the CIO.

Earlier, I reviewed PwC’s 2013 State of the Internal Audit Profession. Protiviti has added insights through their 2013 Internal Audit Capabilities and Needs Survey, which identified these areas as needing improved understanding. 

Each year, I look forward to PwC’s important report on the state of the internal audit profession. Their 2007 report, which had a forward-looking perspective and called out for internal audit to move its focus from controls to risk, was one of the best I have read over the last 20 or more years.

Many internal auditors want an answer to the question: How do we put a value on internal audit?  

Seven days ago, I retired. OK, it was more like semi-retired because here I still am blogging, preparing for a presentation tomorrow to the IIA–Russia annual conference, and mentoring/training a variety of practitioners. 

Recently, two of the Big Four accounting firms released reports that address the increasing importance of the CIO. PwC published their 5th Annual Digital IQ Survey and Deloitte issued an Audit Committee Brief on the topic of “Understanding the CFO and CIO Dynamic.”

There are some risks that the board has to own, assess, and respond as needed. One of those is whether the CEO has too little or too much power. Too little, and the CEO will probably not be effective as a leader. Too much, and there is a danger that the personal interests and influence of the CEO will overwhelm the voices and perhaps the interests of the rest of the executive team, the board, and the investors. 

In the U.K., internal auditors are represented by the Chartered Institute of Internal Auditors (an institution that is now 60 years old, was granted a Royal Charter in 2010, and is affiliated with the Global Institute of Internal Auditors). A committee, chaired by Roger Marshall and including audit committee chairmen, CAEs, and prominent academics (such as my good friend, Professor Andrew Chambers), has published draft recommendations to the UK Institute (C-IIA) Effective Internal Audit in the Financial Services Sector that are open for comment. Although aimed at financial services, organizations in all industries should take note.

A report from the consulting firm, McKinsey & Company, shares valuable insights on the topic of “How ‘social intelligence’ can drive decisions."