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The world has changed. 2020 was an unprecedented year for all professions. Internal auditors were faced with a tremendous impact to their audit plans causing refocus and realignment of not just projects but resources. As a profession, internal auditors have traditionally focused on past events or as some would say, taking the “look in the rear-view mirror. Most financial or accounting professionals can look at previous year data and tell management where past mistakes were made.

With the evolving landscape, risks and economy that have been spurred on by the pandemic of 2021, internal auditors must look to stretch their skills to areas that are most valued by their organizations. Today's insight may well be tomorrow's hindsight.

Stakeholders seek to navigate the future more than revisit the past or dwell in the present. We need to concentrate on the risks of tomorrow if we are to not only protect but enhance value for our organizations. We must start looking beyond the horizon to identify emerging risks.

This is part one in a four-part series in which we will take a deep dive into the individuals suggested risk areas. In this session we will examine three areas of focus and some of the most impactful risks that Internal Audit should focus on during the new normal.

  • Heightened Focus on Organizational Resilience
  • Elevated Macro Environment Uncertainty
  • Humanization vs. Dehumanization of the Workforce

 

After reviewing these areas, we will then link them to “Hot Spot” topics as identified by the Gartner group that internal audit should be attuned to in 2021 and years forward. Within each part, as we delve into the hot spot areas, we will discuss internal audit’s role and objectives as well as potential audit tests that should be considered when evaluating the particular hot spot.

This session begins by examining the three focus areas previously listed and then begins to delve into the first two Hot Topic areas of IT Governance and data governance.

Learning Objectives

  • Identify and examine the impact of COVID on Internal Audit Focus Areas.
  • Discover and understand the three key themes for internal audit focus.
    • Heightened Focus on Organizational Resilience.
    • Elevated Macro Environment Uncertainty.
    • Humanization vs. Dehumanization of the Workforce.
  • Explore and evaluate and identify procedures for specific internal audit Hot Spots.
    • IT Governance.
    • Data Governance.
Last updated/reviewed: November 16, 2020

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course. However it is recommended to take other Internal Audit Emerging Risks for 2021 and Beyond course series by Lynn Fountain.
Internal Audit Emerging Risks for 2021 and Beyond - Part 2
Internal Audit Emerging Risks for 2021 and Beyond - Part 3
Internal Audit Emerging Risks for 2021 and Beyond - Part 4

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
Introduction and overview
  7:49Introduction to Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  11:08COVID Impact and Internal Audit Focus Areas
  6:36Internal Audit Recommendations
IA FOCUS AREAS AND HOT SPOTS
  10:16Heightened Focus on Organizational Resilience
  7:46Elevated Macro Environment Uncertainty
  4:33Humanization Vs Dehumanization of the Workforce
  7:52Internal Audit Activities Hot Spots
  8:32IT Governance Framework
  5:59IT Governance Internal Audit Risk Focus
  5:29Data Governance
  2:21Summary
CONTINUOUS PLAY
  1:18:21Internal Audit Emerging Risks for 2021 and Beyond - Part 1
SUPPORTING MATERIAL
  PDFSlides: Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  PDFInternal Audit Emerging Risks for 2021 and Beyond - Part 1 Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM