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Internal audit plans in the time of Covid19

How quickly are your audit plans reacting to the coronavirus risk? Are you reviewing your internal audit strategy for the rest of the year?

Richard Chambers - President of IIA Global has blogged on this - you can find it here:

As a Chair of Audit & Risk, I would encourage you to:

  1. Discuss with your audit committee what is in the plan and how internal audit can support the audit committee's assurance expectations

  2. Ensure basic controls are reviewed in the context of remote working

  3. Consider complexity - live issues need assurance

  4. Review decisions made by management and ensure these are made ethically based on robust information

  5. Look for opportunities to enhance learning and development for the internal audit team - can their skills be enhanced at this time?

  6. Monitor on an ongoing basis

Don't ignore organisation culture - this is an incredibly important time to assess culture resilience:

  • is the organisation well prepared to respond to an ongoing crisis and who is leading the response?

  • how well is the organisation communicating internally and what is the tone of its messaging?

  • is the organisation looking after it's staff/ employees and making sure no one feels unsupported?

  • how well is the organisation set up to do remote working?

  • for those who are furloughed how is the organisation keeping in touch?

  • how well are teams operating on a new business as usual basis?

  • what learning is being captured?

  • what are the long-term implications for decisions made now and remote working?

  • are we joined up to know what and who might be affected?

  • how prepared are we for going back into the workplace and what happens if people refuse to travel?

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