Creating “added value” internal audit and assurance functions

Overview

This one-day workshop is meant to help internal auditors, and 2nd line (e.g. compliance, risk management, etc.) managers to explore how they can create “added value” functions which support the organization in delivering its objectives while managing risks and deploying a culture of effective internal control.

In an ever-changing business context, impacted by how organizations operated due to the major transformation driven by accelerating technological advancement and digital disruptions, internal audit is expected not only to play its role as an independent assurance function but also to become a more strategic advisor. For this, internal audit functions need to think about the mix of technical and soft skills they need across the team to build trust as strategic advisors and to enhance their collaboration with other assurance.

The question many internal audit leads are asking is “How can we create added value” internal audit function, which stay relevant in fast changing organizations? 

This is not a question which is relevant only for the 3 line, but also for the 2nd line.

In this interactive workshop we will explore the answer to the question above and more. 

Target Audience

Senior internal auditors or/and assurance professionals, who have a managerial role or prepare to get into a leading/managerial role within their IA or assurance functions (managers, heads of function).

Course Objectives

Participants will take away tools and ideas on how to:

• create an internal audit function that has a mix of technical and soft skills 
• build trust within the team, cross functions and with stakeholders.
• enhance communication and collaboration with peers and stakeholders.
• define a shared purpose with other assurance functions 
• define team and individual purpose and mission statements which link into organization purpose/mission.
• identify what needs to change in the way your team functions now to create more value for your stakeholders.

Course Content

How can we create added value” internal audit function, which stay relevant in fast changing organizations? - Is the question we will explore in this workshop.

 Some of the pillars of building great performing teams focused on value creation are trust, collaboration, purpose, and diversity of skills . How do these apply to IA or other assurance functions?

1. Building trust on 2 levels:

• Individual level. It starts with each internal auditor, and their awareness of their unique strengths and skills which impact on the results they and their team achieves.  We will explore some of the soft skills required to elevate internal auditors’ impact (e.g. active listening, empathy, courage, etc.)
• Team level. For a function to build trust with its stakeholders is required to be visible, have a clear and understood role and mission and deliver on those responsibilities.

 2. Enhancing collaboration

There is an increased need for the 3 lines, and in particular the 2nd and 3rd line to work closely together, enhance their collaboration, and add value to the organization they are part of.

We will explore together how collaboration between the assurance functions can be enhanced. Inviting you to participate actively in the conversation!

3. Shared Purpose:

IA has a clear mission defined by IIA, how can that mission be made more meaningful to stakeholders and linked into organization’s mission and purpose? Can internal auditors define their personal mission statement, linked into IA mission and organization mission.

Can IA as the 3rd line, identify a shared purpose with the 2nd line function? What could that be? We will explore that together, and you will be encouraged to think of your own function shared purpose.

4. Diversity of skills: 

In an interactive exercise we will explore what skills are the dominating ones in your internal audit team now, and what other skills would your team need to deliver on the shared purpose identified above?

5. Continue, Stop, Start doing exercise

Prerequisites 

Participants for this workshop are required to have a minimum level of experience in an internal audit or assurance managerial/ steering role or prepare to move to this level within their functions.