Beyond Audit

CHAPTER 12How Good Is Audit?

THERE HAS ALWAYS BEEN a desire in every job to exceed the stated expectations of your team and the internal audit department is no different. In the challenge for any and every time when striving for excellence or trying to become the best, there are no specific goals or standards set that would indicate performance excellence. The word most often used to describe excellent performance is world-class. When that term is spoken or heard, everyone thinks this must be the best of the best available and that should be the department's stated objective. There is only one problem with this term and the simple fact is that there are no established standards, documentation, or requirements to determine when a team, any team, has executed their job with such precision that they would be deemed world-class. The unfortunate fact is that, besides the Olympics, there is no way to determine with confidence that a team, in our case internal audit, is world-class. Everyone would agree that there are individuals that compete in the Olympics who have set records and are world-class in their respective sports. All would agree that Michael Phelps is a world-class swimmer with his gold medal achievements and that Usain Bolt is a world-class sprinter and possibly the fastest man on the planet. No arguments from anybody regarding those two gentlemen. But when it comes to internal audit, there will be no chance that your department will be on the podium receiving a gold ...