IIA Executives Speak Out

Long-Term COVID-19 Considerations for Internal Auditors

In April 2020, Workiva hosted a webinar with IIA executives to learn how they—the leading international professional
association for the industry—are coping with changes brought about by the global pandemic.

The full webinar contains tons of valuable insight on collaboration, leadership, the pandemic’s impact to the audit
profession, and much more. In case you don’t have time to tune in, these responses from IIA executives can steer your
internal audit function toward agility and security in the months to come.

Ernest Anunciacion Bill Michalisin Greg Jaynes Lynn Moehl

Director of Product Marketing Chief Operating Officer Chief Risk Officer Chief Audit Executive
Workiva The IIA The IIA The IIA

How does COVID-19 put a spotlight on the need for collaboration?

As an organization, we’ve stressed collaboration for quite a while now, but I think it’s very different
when you’re used to an in-person environment versus the new normal of being a fully virtual
environment. You need to have the technology to support you in achieving that virtual collaboration.

It’s interesting to see our leadership learning from each other and really working together to maximize
ideas. It’s also required us to prioritize in a way that may mean that we take a step back in order to
further someone else’s objectives, because it’s better for the enterprise as a whole.

I’d also add that this scenario has really allowed us to think differently about how we operate. It’s
given folks permission to apply a far more entrepreneurial spirit and mindset to problem-solving—
identifying opportunity and mobilizing around it. It doesn’t matter who owns it or drives it. We all
have a part to play in supporting it and making sure we continue to provide that level of service to our
members and our customers.

What’s the key takeaway or lesson that you’ve learned from the situation?

I learned that you can never be fully prepared for a situation like this. In many ways a lot of this comes
down to your ability as a leader to navigate uncertain times and to stay focused on your people.
Put yourself aside and think about the organization, your people, the customers that you serve and
prioritize that.

I’ve learned that we cannot lose sight of emerging risks. I think a lot of times we focus on what the
current risks are to achieving our business objectives and our goals for this year, but those emerging
risks and black swans are still out there.

I’ve learned to ask—how can I help? How can I best serve? It’s added a certain need for emotional
intelligence in my work. We have to be respectful and cognizant of what everybody is going through
on an emotional level, which is a little bit different than what you normally deal with in a business
context. Part of that is just asking.

What’s one piece of advice you’d give to another leader in your role?

I would say “learn from this.” Take some time to self-reflect. Talk to your team about what they’re
seeing, what improvements or fears that they’re identifying, and really take that all in. Then, apply that
learning to make your organization stronger. Otherwise, you will not come out of this more agile
and ready for whatever lies ahead.

It’s critical for CAEs to continue building relationships and your brand at the company. Having those
key relationships at all levels of staff is important in order to stay plugged in to risk. And, it’s necessary
to continue to add value when the next crisis emerges.

Integrate risk into planning and decision-making. I think a lot of organizations do a great job of
identifying risks, putting them on a heat map, that sort of thing. But integrating those risks into
decision-making, planning, forecasting, and setting goals—we can do a better job.

How do you think this pandemic will impact the industry as a whole?

Although it’s a scary time, it’s really an exciting time and a huge opportunity. Internal auditors can
step forward from the shadows and play a significant role in navigating these times. Stakeholders
are taking note of that and having a better understanding of the “secret weapon” they have at their
disposal. Organizations have a professional sitting in their ranks designed to help you navigate this
change—an internal auditor. You just have to understand what he or she can do and let them go.

And who else other than the internal auditors have been exposed to all of the nuts and bolts of every
business unit? They have a perspective that brings a lot of information to the table very quickly.
Internal audit can bring a different set of eyes to the table during a time of crisis, and provides a great
value-add.

I think the pandemic highlights the need for internal audit to be viewed as kind of a critical resource.
This is an opportunity for your function to demonstrate the value you can bring to your organization
by being a trusted advisor. It also highlights the importance of being agile. Right now, you’re not in an
office with your peers. You have to think about getting work done in a different way.

Watch the full webinar for more detailed, actionable information from The IIA.