The impacts of Coronavirus stem far beyond the health of a nation’s population, and we are only just now beginning to understand what they might be.

In the latest article from The Institute of Internal Auditors (IIA), Richard Chambers, President and widely respected commentator, highlights how Auditors should respond.

The virus is a vivid example of an emerging risk. Some are very difficult to foresee, and their ultimate impact is hard to judge.
Internal audit’s unique skills and positioning can be invaluable at this testing time for business. There are key actions internal auditors should already be taking in support of their organisations:

1) Understand and assess the full range of immediate risks.

2) Assess the organisation’s existing crisis management and business continuity plans. Situations like this reinforce the need for well-developed and tested planning.

3) Think beyond immediate risks (e.g. cyber and reputation threats)

4) Advise the organisation on thinking about the long-term implications. The impact of COVID-19 on operations and the overall economy could potentially last for months or even years.

5) Continue to monitor and update your thinking. Emerging risks, by their nature, are unpredictable. Management and internal audit must continually monitor what is happening within and outside of the organisation, being agile in shifting and pivoting, as needed.

Like so many aspects of our life in this ‘new normal’, internal audit’s biggest contribution is simply to ask management, “How can we help?” Helping can come in many forms, but internal audit is uniquely positioned to brings objectivity, perspective, process, and position within an organisation.

You can read the full article here

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.