The WOW Factor: Essential Skills for Internal Audit to Prove Its Value

The "WOW Factor" in Internal Audit: Beyond Technical Skills

In an era of persistent resource shortages, internal audit's ability to demonstrate its value is more crucial than ever. This article, drawing on a webinar with CAEs Robert Taft and Agnessa Vartanova, introduces the "WOW Factor" – a blend of personality, proactiveness, professionalism, positivity, and expertise that makes internal auditors indispensable. It emphasizes that while technical skills are foundational, it's the so-called "soft skills" like relationship building, critical thinking, communication, and curiosity that truly differentiate auditors and position them for leadership. These are the individuals CAEs can't afford to lose, those who consistently go beyond basic role requirements to be adaptable, resourceful, and positive team players.

Key Takeaways for Proving Value and Advancing Your Career

The article distills four key takeaways for internal auditors aiming to achieve the "WOW Factor":

• Understand What CAEs Really Hire For: Beyond certifications and technical acumen, CAEs seek candidates with a long-term fit, prioritizing soft skills such as curiosity, emotional intelligence, a solution-focused mindset, client focus, and critical thinking. These attributes indicate potential for growth within the organization, not just in audit.
• Ask More Strategic Questions: Move beyond generic inquiries like "What keeps you up at night?" Instead, ask strategic and tactical questions that demonstrate preparation and a deep understanding of the business. Examples include inquiring about critical success factors, data reliability, interdependencies, and hypothetical organizational changes. This approach fosters more creative, strategic conversations focused on stakeholders' key problems and objectives.
• Tell a Story They Actually Care About: Audit reports and communications should be clear, concise, and focused on insights that genuinely matter to stakeholders. Auditors must know their audience, anticipate questions, use understandable language, and avoid jargon. The goal is to convey value effectively, ensuring readers walk away with clear, actionable insights rather than being overwhelmed by technical details.
• Don't Use AI in Ways That Waste CAE's Time: While AI offers efficiency, its injudicious use can undermine credibility. CAEs can often discern AI-generated content lacking substance, leading to frustration and distrust. The recommendation is to write first drafts independently, incorporating organizational preferences, and then use AI for refinement, tone adjustment, or structural improvements, rather than relying on it to generate content from scratch.

Cultivating a Culture of Continuous Improvement and Strategic Engagement

Ultimately, the "WOW Factor" is about cultivating a mindset of continuous improvement and strategic engagement. It encourages auditors to be proactive, build trust with stakeholders, support a healthy team culture, and master audit technology. By focusing on these essential skills, internal auditors can not only enhance their individual careers but also significantly elevate the perceived value and impact of the internal audit function within their organizations. The Internal Audit Collective, through its resources and community, aims to support auditors in developing these crucial skills, fostering a collaborative environment for professional growth.