ABOUT THIS EPISODE
The Institute of Internal Auditors Presents: All Things Internal Audit
In this episode, Connor Gilchrist talks with Lisa Dalrymple about the challenges small internal audit functions face when implementing the Global Internal Audit Standards. They discuss The IIA's new guidance for small functions, drawing on Dalrymple's experience rebuilding an internal audit function and working as a solo auditor. The conversation covers independence, quality assurance, documentation, audit planning, limited resources, and practical ways small teams can simplify Standards conformance while continuing to deliver value.- HOST:
- Connor Gilchrist, CIA, CPA Senior Manager, Standards & Professional Guidance, The IIA
- GUEST:
- Lisa Dalrymple, CIA, CPA Executive Director, Internal Audit, Vitruvian Health
KEY POINTS:
- (00:00) Introduction
- (00:40) What the Updated Practice Guide Covers
- (01:14) Restarting a Dormant Function at Hamilton Health
- (03:17) Difficulty Ratings and a One-Page Charter
- (04:22) Redefining Small Beyond Headcount
- (05:09) Choosing the 12 Key Standards
- (06:09) Growing From One Auditor to Three
- (09:14) Protecting Independence Through Board Education
- (12:01) Embedding Quality Into Everyday Work
- (13:15) Reviewing Your Own Work Without a Peer
- (15:03) Keeping Strategy and Plans Short and Simple
- (16:24) Reporting to the Finance and Audit Committee
- (18:19) Standout Takeaways From the New Guidance
- (19:31) First Steps Toward Conformance This Week
IIA RELATED CONTENT: Interested in this topic? Visit the links below for more resources:
- Assisting Small Internal Audit Functions in Implementing the Global Internal Audit Standards
- Global Internal Audit Standards
- Quality Assurance and Improvement Program (QAIP)
- Internal Auditing Competency Framework
- Global Best Practices: Small Audit Functions, Large Audit Abilities
Visit The IIA's website or YouTube channel for related topics and more.
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