May 2026

theauditexplainer.wordpress.com · Oct 28, 2024 · Curated 2 months ago

Clarifying Roles: Internal Audit and Compliance in the Three Lines Model

This article clarifies the distinct roles of Internal Audit and Compliance within an organization, particularly in the context of the Three Lines Model. It emphasizes that while both functions are crucial, their responsibilities are separate, preventing overlap and fostering a more effective governance structure. For audit professionals, understanding this distinction is vital for designing appropriate audit scopes and ensuring comprehensive assurance without duplicating efforts.

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theauditexplainer.wordpress.com · Oct 22, 2024 · Curated 2 months ago

The Audit Explainer: Why Auditors Should Avoid Declaring Controls 'Effective'

This article challenges the common audit practice of concluding that "controls are effective." It argues that such a statement overstates assurance, relies on faulty inductive reasoning, and overlooks other critical factors contributing to operational success. For internal audit and assurance professionals, this piece is a crucial reminder to be precise in reporting, avoid implying certainty where none exists, and recognize the multifaceted nature of organizational resilience beyond formal controls.

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theauditexplainer.wordpress.com · Oct 15, 2024 · Curated 2 months ago

Internal Audit's Role in SOX: Balancing Compliance and Strategic Value

This article explores the nuanced role of internal audit in Sarbanes-Oxley (SOX) compliance, addressing whether internal audit should be involved in SOX testing. It clarifies the distinct responsibilities of executive management and external auditors, while identifying potential areas where internal audit can contribute. The piece emphasizes that while internal audit can perform SOX control validation, it's crucial to consider the strategic implications and explore ways to integrate SOX testing with broader audit objectives to maximize value.

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riskoversight.ca · Mar 24, 2026 · Curated 2 months ago

Working Papers: The Enduring Foundation of Internal Controls in the Age of AI

This article emphasizes that despite advancements in AI, fundamental working paper practices remain critical for robust internal controls and audit quality. Internal audit and assurance professionals should focus on ensuring working papers reflect a deep understanding of underlying transactions, clear documentation of steps, timely review, and strong ties to supporting evidence. Neglecting these basics, even with sophisticated tools, can lead to significant control deficiencies and increased risk.

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riskoversight.ca · Jan 7, 2026 · Curated 2 months ago

Navigating the Future: Five Business Disruptions Shaping Knowledge Work in 2026

This article outlines five critical business disruptions impacting knowledge work in 2026, including the decline of middle management, AI's effect on human cognition, the rise of "workslop," the crisis of organizational sameness, and the renewed call for meritocracy. For internal audit and assurance professionals, understanding these shifts is crucial for assessing evolving organizational risks, ensuring effective governance, and adapting audit methodologies to a rapidly changing work environment. These disruptions highlight the need for proactive risk management and strategic adaptation within organizations.

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riskoversight.ca · Nov 10, 2025 · Curated 2 months ago

10 Critical Governance Conversations for Year-End: Navigating AI, Risk, and Board Evolution

As the year draws to a close, internal audit and assurance professionals must ensure their organizations are engaging in crucial governance discussions, particularly concerning the rapid integration of AI. This article highlights ten essential conversations, from defining AI strategy and managing AI-powered meeting minutes to reimagining HR oversight and enhancing board tech literacy, all vital for maintaining robust governance and preparing for 2026 amidst economic uncertainty and technological disruption.

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riskoversight.ca · Aug 6, 2025 · Curated 2 months ago

AI Adoption: Separating Hype from Reality in Corporate and Professional Settings

This article provides a much-needed reality check on AI adoption, distinguishing between the pervasive hype and the actual, often incremental, progress being made in corporate environments. For internal audit and assurance professionals, understanding this nuanced landscape is crucial for developing effective AI strategies, assessing AI-related risks, and guiding organizations toward practical, value-driven implementation rather than chasing unrealistic expectations. The insights highlight that while individual productivity gains are real, widespread transformational changes are still nascent, emphasizing the need for a grounded approach to AI integration and risk management.

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riskoversight.ca · Jul 23, 2025 · Curated 2 months ago

The New AI Productivity Rule: Aim for 20% (Not 80%) Goals

Internal audit and assurance professionals are often presented with exaggerated claims of 80% AI productivity gains. This article argues for a more realistic 20% goal, emphasizing that AI should augment, not replace, critical thinking, analysis, and human connection. Achieving this 20% can free up significant time for higher-value activities, enhancing professional development and strategic contributions within organizations.

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riskoversight.ca · May 30, 2025 · Curated 2 months ago

The Art of the Minute: Sylvia Groves on Board Documentation Best Practices

Sylvia Groves, Canada's leading expert on meeting minutes, highlights their critical role as a board's 'suit of armor' and primary defense in litigation. For audit and assurance professionals, understanding proper minute-taking is crucial for evaluating governance effectiveness, assessing risk, and ensuring regulatory compliance. Groves emphasizes that well-crafted minutes demonstrate due diligence, protect directors and the organization, and provide essential evidence for oversight functions.

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riskoversight.ca · Jan 7, 2026 · Curated 2 months ago

Beyond the Heat Map: Low-Tech, High-Impact Risk Management for Internal Audit

This article challenges internal audit and assurance professionals to move beyond complex, often ineffective, risk management tools like heat maps. It advocates for a return to fundamental principles, emphasizing human connection, objective-centric thinking, and actionable steps to genuinely mitigate risks and achieve organizational goals. For auditors, this means fostering uncomfortable but necessary conversations, prioritizing direct stakeholder engagement, and ensuring risk activities translate into tangible improvements rather than just documentation.

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