The Institute of Internal Auditors

Presidents' Message

We’re Bringing Sexy back!?

The title of this message is a reference to a pop icon known better by my son’s generation than my own. I thought it fitting as a representation of the evolution of the internal audit profession. Could this once yawn-inducing designation actually be something college students strive to become because of the attention and rewards that it brings?

Many things have changed since I began my internal audit career; the Federal Deposit Insurance Corporation Improvement Act (FDICIA), Sarbanes Oxley, securities exchange requirements forcing public companies to have internal audit departments and the emergence of enterprise risk management as a household function within most major companies. All of these things have heightened the awareness of the value internal auditors provide and the criticality of the role they play.

This is a far cry from the responses I would receive from friends and family when I told them I just landed this great job as an internal auditor at that bank back east in Rhode Island. After having to check to make sure they were still awake they would inevitably ask some sort of question indicating that they understood my news to mean that I was now working for the IRS or preparing tax returns. This was their frame of reference for what an auditor was.

All of that has changed dramatically. Just the other day I participated in a webcast hosted by CFO.com. The topic was how over just the past few years the majority of companies they surveyed had upgraded their internal audit positions in title and salary. They were also focusing on how finance professionals are looking at a stint in internal audit as a tremendous career boost, with many audit department alumni holding CFO, COO, Controller, and other executive level titles.

Since most of you reading this have been part of this evolution to some degree or another, you may be asking, “Okay, so what is the point you are trying to make?” I suppose as I think about my own career and the experiences I have gained, I begin to recognize the value of the career I have chosen. Internal auditing not only brings value to a company, but also to the individual, whether you stay in the role two years or twenty. Make the most of your time and the role that has been entrusted to you by your company or organization. As always, I encourage you to participate in the activities of our chapter. Networking, learning, and being exposed to best practices are just some of the rewards you’ll get with active participation in the IIA. Everyone doesn’t need to volunteer in the chapter, but we all have something we can gain by participating.

I hope to see you at our last meeting of the chapter year in May and I encourage you to make the most out of your time as an internal auditor.

- Bill Chippendale


	Presidents' Message We’re Bringing Sexy back!? The title of this message is a reference to a pop icon known better by my son’s generation than my own. I thought it fitting as a representation of the evolution of the internal audit profession. Could this once yawn-inducing designation actually be something college students strive to become because of the attention and rewards that it brings? Many things have changed since I began my internal audit career; the Federal Deposit Insurance Corporation Improvement Act (FDICIA), Sarbanes Oxley, securities exchange requirements forcing public companies to have internal audit departments and the emergence of enterprise risk management as a household function within most major companies. All of these things have heightened the awareness of the value internal auditors provide and the criticality of the role they play. This is a far cry from the responses I would receive from friends and family when I told them I just landed this great job as an internal auditor at that bank back east in Rhode Island. After having to check to make sure they were still awake they would inevitably ask some sort of question indicating that they understood my news to mean that I was now working for the IRS or preparing tax returns. This was their frame of reference for what an auditor was. All of that has changed dramatically. Just the other day I participated in a webcast hosted by CFO.com. The topic was how over just the past few years the majority of companies they surveyed had upgraded their internal audit positions in title and salary. They were also focusing on how finance professionals are looking at a stint in internal audit as a tremendous career boost, with many audit department alumni holding CFO, COO, Controller, and other executive level titles. Since most of you reading this have been part of this evolution to some degree or another, you may be asking, “Okay, so what is the point you are trying to make?” I suppose as I think about my own career and the experiences I have gained, I begin to recognize the value of the career I have chosen. Internal auditing not only brings value to a company, but also to the individual, whether you stay in the role two years or twenty. Make the most of your time and the role that has been entrusted to you by your company or organization. As always, I encourage you to participate in the activities of our chapter. Networking, learning, and being exposed to best practices are just some of the rewards you’ll get with active participation in the IIA. Everyone doesn’t need to volunteer in the chapter, but we all have something we can gain by participating. I hope to see you at our last meeting of the chapter year in May and I encourage you to make the most out of your time as an internal auditor. - Bill Chippendale


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