Your Value is in Your Values – Get Standards Ready

Welcome to Internal Audit Awareness Month!
May is the month for championing the value of our profession – in all its guises. And, if we need any better reminder of its value, look no further than the battering Brad Banducci, CEO of Woolworths, received at the hands of the Senate inquiry recently.

This is not an isolated incident (Alan Joyce & Qantas, Kelly Bayer Rosmarin & Optus, Richard Goyder & Qantas) – it is a sign of how quickly public interest can change the fortune of great businesses. If only these leaders had had the wisdom of foresight to guide them…. Do you see where we are going with this not so subtle reminder?

As we celebrate the profession, think about where you want to be this time next year. The new Global Standards will be in place, so, how will you be guiding your organisation’s board and management in matters relating to public interest with your foresight (these are just two of the raft of changes the new Standards bring)?

Here are some headlines to get you thinking.

Corporate Governance Revolution – Corporate governance is in the spotlight. Trials by public opinion, such as was the case for Woolworths, Qantas and Optus underline the need for robust oversight and foresight with a public interest lens.

Audit Power-Up – The new Global Internal Audit Standards are live in January 2025. They’re here to supercharge internal audits, providing a solid framework for GRC professionals.

Reputation Shield – Reputation is still KING. Internal audits are the third (and last) line in GRC that could tarnish a company’s image.

Adapt and Overcome – Business landscapes are shifting. The new Standards equip auditors to tackle these complex issues.

The Bottom Line – Internal auditors, powered by the new Global Internal Audit Standards, are the guardians of corporate integrity and stakeholder interests in this fast-paced business world. Make sure you share the value of your professional values.

On 29 – 30 May, we are holding an online classroom on Navigating the New Global Internal Audit Standards (GIAS)Join Michael Parkinson for seven hours to prepare to apply the GIAS principles, enhance your audit skills, and contribute effectively to their organisations’ governance and risk management.