Chair opening comments |Derek Jamieson Regional Director, Chartered IIA UK and Ireland (Chair)Thank you for sharing 27 examples of your scorecards ahead of this forum. The examples have been consolidated to ensure anonymity and are shared without judgement. It’s safe to say there is no such thing as a ‘correct scorecard’ but there is a trend for improving what is done and that is the purpose of today. |
Click here for the session slides summarising the examples.
David Hill – CEO, SWAP Internal Audit Services
View from the Institute | Liz Sandwith, Chief Professional Practices Advisor, Chartered IIAStandards 2000/2060/1311/1320 all imply there must be cumulative information shared with key people about what is important. It’s good practice to have a scorecard. Global IIA’s paper shares five themes – client services, industry knowledge, quantitative, innovation technology and people development. Useful references for members | How the balanced scorecard supports successful internal audit practices – Global IIA |
Chair closing commentsNext session will focus on Geopolitical risk following the publication of the Institute’s latest thought leadership research report. Leaders’ Summit |9 March |book your place here Save the date | Ireland Conference 21 April |
Chat comments including Q&A
Comment | Introduced scorecard 7 years ago, has been an evolution. We provide an annual report to our Audit and Assurance Committee on Internal Audit (separate from our annual assurance opinion) which includes our KPIs / metrics etc. for the year, covering many of the items you have listed. We need to move to a more "continuous reporting" basis rather than just reporting on this once a year. We provide a progress report to our clients on a quarterly basis - I would like to be reporting some of our metrics within those reports eg relating to how much time it is taking to complete reviews (we have an issue at times with getting the level of engagement we would like when competing against other issues which may be perceived as more pressing)
Comment | Client surveys are a waste of time, tends to be people who’ve had a frustrating time on the audit and therefore complain, those who make comments knowing it will go to the board or those who are not really interested providing a meaningless couple of lines.
Comment | Link to strategy is important, demonstrating how internal audit has added value and provided assurance against strategic risks is key.
Comment | We are moving to a more agile "rolling" plan which looks ahead to the next 3- 6 months rather than a plan for the year so metrics like % of plan delivered are now less meaningful.
Comment | I only ever reported full completion of an audit plan once - which led to AC chair challenging the Exec for not doing anything risky over the period. [It wasn’t a criticism of internal audit but of the business not giving internal audit to cause to deviate from its planned assurance]
Question | What GRC system are teams using?
Responses