ABSTRACT
In today’s advanced and dynamic business culture, internal auditors possess a wide variety of technical backgrounds that extend from accounting, finance, operations, engineering, and legal. The nature of the organization, its business strategy and focus will dictate the specific skills and attributes that are most beneficial for the internal auditor in each organization. When internal audit efforts are focused on operational processes, organizations may find that individuals with operational or technical backgrounds are the most effective personnel. Organizations that focus on financial processes may require accounting or financial expertise for the audit team. Regardless of an individual auditor’s specific skill set, the concept of building an effective team is a critical element for building an effective internal audit organization. Having individual skilled professionals with strong technical abilities is important when determining staffing needs, but CAEs must not overlook the importance of creating a culture of teamwork. An atmosphere where each professional works to contribute to an overall goal for the organization can provide greater value than a group of highly skilled workers who do not understand the concept of working cohesively toward a goal. This chapter will cover the following challenges within each of the indicated sections:
• Challenge 15: Internal Audit Team Structure • Challenge 16: Department Sourcing Methods • Challenge 17: Resourcing to Address Significant Risks • Challenge 18: Defining the Required Skill Set for Internal
Auditors
• Challenge 19: Internal Audit as a Management Training Ground
• Challenge 20: Outsourcing • Challenge 21: Co-Sourcing • Challenge 22: In-Sourcing • Challenge 23: Maintaining Appropriate Skill Sets
One of the most important teaming lessons I learned came from watching my 18-year-old high school senior in his defining moments as a varsity football player.
