Finding your True North – How to navigate your organization through disruption
Participants will hear from an internal audit professional who has held senior roles both within public practice and industry including being Chief Internal Auditor for Alterna Savings and Bank and Wealth One Bank of Canada, and acting Chair of Internal Audit for Technical Standards and Safety Authority, and Auditor General for the City of Markham, who has experienced this transformation first hand. Geoff will offer different perspectives on how you can elevate the profile of internal audit in your own organization by taking a more strategic approach to internal audit planning, execution and reporting; which will position you for success. Geoff will also share his thoughts on how to strategically position the internal audit function to promote a departmental model that will ensure the right mix of capacity and capabilities to ensure a diversity and depth of skillsets to fulfill a robust and comprehensive audit universe and plan.
Organizations have grown in complexity regardless of industry, which has mostly been driven by technology and the digital transformation that we are experiencing. With greater complexity comes greater risk, and opportunity for something to go wrong. As an audit function is responsible for providing assurance to the organization that risks are being adequately identified and mitigated through effective controls, it is important to understand how to effectively conduct the enterprise wide risk assessment and develop an audit plan that delivers the most value to those relying on the auditors’ work. Understanding regulation and why it is important to stay on top of emerging trends and maintaining regulatory relations is paramount.
There is opportunity for all internal audit functions to grow in maturity and effectively utilize limited resources to provide sufficient assurance. A lot of this is driven by how audits are planned, conducted and reported on utilizing a risk-based approach that is focussed on balanced and timely communication of trends and observations and leveraging various data sources. This session will dive into the current landscape of business in general, regardless of sector and how to structure and operate the internal audit function to engage all the right internal and external stakeholders in a best practice assurance model.