The audit value factor: making management's head turn

✍ Scribed by Samson, Daniel

• Publisher: CRC Press
• Year: 2020
• Tongue: English
• Leaves: 181
• Series: Internal audit and IT audit
• Category: Library

✦ Synopsis

"This book provides practitioners with strategies and tools for establishing and maintaining a successful, value-centric internal audit organization. It explores opportunities to gain management support through early wins; methods to systematically identify process improvement opportunities, cost savings and avoidance, and potential revenue recoveries; and tips on marketing and branding the audit organization for maximum impact. It introduces the Audit Value Factor, a concept to determine the estimated value of a given audit, as well as methods for calculating the return on recommendations made. It also outlines Six Sigma methods and techniques to ensure every engagement is value-added"--;Value propositions -- Customer relationships -- Talent -- Risk expertise -- Change management and process optimization -- Data analytics.

✦ Table of Contents

Cover......Page 1
Half Title......Page 2
Series Page......Page 3
Title Page......Page 4
Copyright Page......Page 5
CONTENTS......Page 6
ACKNOWLEDGMENTS......Page 10
AUTHOR......Page 12
INTRODUCTION......Page 14
Defining Value......Page 16
Getting Started......Page 21
Bibliography......Page 24
FACTOR 1 VALUE PROPOSITIONS......Page 26
Developing a Value Proposition for Internal Audit......Page 29
Value Propositions for Individual Audits......Page 31
Example—Business Continuity......Page 32
Aligned with Strategic Plan......Page 34
Strategic Value-Added......Page 35
Chapter Recap......Page 36
Bibliography......Page 37
FACTOR 2 CUSTOMER RELATIIONSHIPS......Page 38
Commitment......Page 40
Give Back......Page 41
Grow Your Garden......Page 42
Check Your Investments......Page 43
Flex Your Muscles......Page 44
Audit Liaisons......Page 45
Respect......Page 46
Listening Tour......Page 47
I Do Declare!......Page 48
Culture Counts......Page 50
The Significance and Insignificance of Titles......Page 51
Walk in Their Shoes......Page 52
Affirmation......Page 53
Filters......Page 54
Self-Awareness......Page 55
Life Experiences......Page 56
Realistic Commitments......Page 57
Humility......Page 58
Trust......Page 59
Knowledge Sharing......Page 60
Transparency......Page 61
Celebrate Success!......Page 62
Confidentiality......Page 63
Be Human......Page 64
Expectations......Page 65
Goals, Strategy, Objectives, and Tactics......Page 66
Audit Committee Communications......Page 68
The Executive Team......Page 70
Process Owners/Individual Contributors/Employees......Page 72
Deliverables/Reporting......Page 73
Chapter Recap......Page 76
Bibliography......Page 78
FACTOR 3 TALENT......Page 80
Trust......Page 82
Leadership Responsibility for Developing Trust......Page 85
Team Member Responsibilities for Developing Trust......Page 86
Empower......Page 89
Empowering Team Members is about Describing Success......Page 91
Building a Competency Model......Page 92
Career Planning......Page 94
Co-sourcing......Page 96
Award (and Reward)......Page 97
Mentoring......Page 98
Chapter Recap......Page 101
Bibliography......Page 102
FACTOR 4 RISK EXPERTISE......Page 104
Understanding Risk......Page 106
Risk Likelihood......Page 107
Risk Influencers......Page 108
Mega Risk and Enterprise Risk Management (ERM)......Page 109
Identifying Top Risks to the Company......Page 110
Risk Appetite......Page 114
Creating a Risk Universe......Page 116
Company-Wide Risk Dashboard/Landscape Example......Page 119
Defining Impact......Page 121
Risk Monitoring......Page 122
Employee Risk Surveys......Page 123
Risk Workshops......Page 124
Connecting the Dots......Page 125
Chapter Recap......Page 127
Notes......Page 128
Bibliography......Page 129
FACTOR 5 CHANGE MANAGEMENT AND PROCESS OPTIMIZATION......Page 130
State (the Problem)......Page 131
Create a Vision Statement......Page 135
Workflows......Page 136
Gemba......Page 139
Value-Add Analysis......Page 140
Team Prioritization of UDEs for Analysis......Page 143
Surveys......Page 144
Five Whys......Page 145
Synthesize Causes......Page 147
Refine......Page 149
Brainstorm Solutions......Page 150
Failure Mode and Effects Analysis......Page 151
Communicating the Solution/Management Action Plans......Page 153
Refinement of the Solution/Action Plans......Page 154
Metrics......Page 155
Chapter Recap......Page 156
Bibliography......Page 157
FACTOR 6 DATA ANALYTICS......Page 158
Critical Thinking and Planning......Page 159
Sources of Potential Cost Savings through Data Analytics......Page 160
Hotel Expenditures......Page 161
Airfare Credits......Page 162
Surface Transportation Providers......Page 163
Most Frequent Travelers......Page 164
Telecommunications......Page 165
Voice over Internet Protocol Plans......Page 166
Subscriptions......Page 167
Computer Hardware......Page 168
Office Supplies......Page 169
Accounts Payable......Page 170
Payment Discounts......Page 171
Detecting Fraud......Page 172
Chapter Recap......Page 173
Bibliography......Page 174
INDEX......Page 176

✦ Subjects

Auditing, Internal