In the following podcast interview, Joe Freiburger, a Director with SC&H Group and Chris Patrick, a Senior Manager with SC&H Group, discuss some of the key themes and topics highlighted at the recent 2015 General Audit Management (GAM) Conference, hosted by The Institute of Internal Auditors (IIA).
The recent 2015 GAM Conference covered a number of critical topics that directly impact the internal audit community. This conference brought together more than 1,400 audit leaders to explore the question “what lies ahead for Internal Audit?” The emerging themes discussed during breakout sessions and in different presentations included:
- Obtaining and retaining talented individuals within the staff
- Addressing regulatory and compliance issues, which include changes in the Public Company Accounting Oversight Board (PCAOB) and COSO Framework
- Managing and monitoring risk – and the different techniques used and issues that surface for auditors
- Expanding risk management offerings specific to IT and cybersecurity – this type of risk remains a top concern for most organizations regardless of company size or industry
- Aligning stakeholder expectations – and how to maintain a good working relationship between Internal Audit, senior management, and audit committee members
While not a new topic, third-party risk – especially when it comes to outsourcing services – was also a key point of discussion at the event. With the rise of cloud computing, more companies are hosting their critical data with multiple third parties, which creates cybersecurity and data privacy challenges. Working with these third parties creates enhanced contract compliance challenges – increasing the need for independent contract audits. Overall, internal audit professionals continue to face significant challenges and opportunities as the risk landscape keeps expanding and shifting.
The 2015 GAM Conference served as the looking glass into the future of the internal audit arena. Listen to the full podcast with Joe and Chris to gain a 360-degree perspective on today’s (and tomorrow’s) risk management arena.
Are you dealing with any of these critical risk management and internal audit challenges at your organization? To discuss how SC&H Group may be able to help, please contact Joe and Chris here.
SC&H Group’s Risk Management practice adds value to the hours billed for public, private, government, and non-profit clients. Our detailed work products are tailored according to each unique client environment, and offer peace of mind assurance that your processes are documented and your financial, operational, and regulatory risks are mitigated.