A mission for more
Internal audit’s time has come – the turbulent, rapidly changing post-Covid AI-enabled world is waking up to its need for assurance on topics from sustainability to culture and diversity. Integrity and trust are increasingly valued as fakes and misinformation become the hottest of topics. Whom you can trust and why you should believe them is a leading issue of the day – and internal auditors have an opportunity to raise their profile and their game, according to the new President of the Chartered IIA, Sandro Boeri.
During his time in office, he intends to help the profession seize this opportunity and wants internal auditors to become known for their role in promoting trust in
our society.
Boeri became President of the Chartered IIA in October, but his involvement in, and passion for, the internal audit profession began long before this. “I have been an internal auditor for a vast amount of my career, stretching back to 1979,” he says. “I always had a love for, and fascination with, our profession.”
He first joined the Chartered IIA’s Council three years ago and has spent the past year as Deputy President, so he is well aware of the challenges the institute faces. He has been closely involved in recent efforts to build its influence.
“I stood for election because I knew that it would put me in a position to influence the profession,” he explains. “The institute went through a difficult time during the Covid crisis and my predecessor, Peter Elam, and the then CEO John Wood, together with the institute’s staff, did great work stabilising its finances. I want to help the new CEO, Anne Kiem, and the executive team to build on this and grow both the institute and its influence more widely.”
Objectives
Boeri lists five key objectives for his time in office:
- First, he wants to encourage Council to be, and do, “more” – “I believe that we need to be more strategic and that if we provide a stronger strategic outlook for the institute and the profession, we will support Anne and the executive team to do their work.” This work has already begun and Council is currently changing what it considers and how frequently it does this, he adds.
- Second, he believes that the Council should meet in-person more frequently. “We got used to operating virtually during Covid lockdowns, but I believe that in-person work creates better understanding and builds collaboration,” he explains. “We will meet in-person at least three times a year.”
- Third, he intends to work more closely as a “critical friend” to Anne and the executive team. “The Council isn’t there to second-guess everything the executive does, but to support and to challenge,” he says. He is encouraging every Council member to have their own area of focus and to meet the executive team regularly to support this.
- Fourth, he promises to be a “cheerleader for the profession”. “I will use every opportunity when I find myself with a microphone in my hand to remind people that this is a profession that is good for organisations and for society.” He has already participated in the Internal Audit Conference in London and in the Scottish Conference and will speak at the Wales Conference on 24 January. “I am available for bookings,” he says.
- Fifth, he aims to help the profession to progress along the path to “internal audit Nirvana” – a state where the whole profession embraces data analytics and artificial intelligence, has a voice at the “top table” and reacts nimbly to change in the risk landscape.
“All internal audit teams should have a full real-time view of the audit universe and we must be agile and react to risks as they arise. We must consign sample testing and annual planning to the museum,” he argues. “We need a seat at the top table and must offer the kind of support that makes the people at the top seek our opinion because we are objective, respected and knowledgeable.”
To this end, he is currently drawing up a mindmap with the executive team that will focus actions on encouraging the profession to move in this direction. This will be part of every discussion and will influence the institute’s strategic direction in the future.
Conscience
Beyond these stated objectives, Boeri is passionate about internal audit’s role in helping organisations to understand and accept their responsibilities not only to be honest and transparent, but to have a position on social justice issues. He believes that staff and customers today expect organisations to have a view on key social and moral debates and to act with integrity to back these up with actions.
This is a complex area, which carries many risks and pitfalls. Internal audit can help organisations both to appreciate why they should state their position, and help them to see where their actions undermine their positive words – creating reputational and other risks.
“Internal audit is a profession with a conscience. We need to engage with the organisations that employ us to ensure they take a role in matters of social justice and issues of conscience, such as sustainability, because these things matter to their employees and their customers,” Boeri explains.
“We can help to ensure our organisations don’t run away from the moral dilemmas in our society, but engage with them positively. The newer generations coming into the workplace expect this. They don’t think that profit is the only issue that’s important.”
For example, he points to the conflicts and risks created if a financial services firm makes statements about its ESG credentials while still investing in oil and gas extraction. Other organisations may be challenged by staff or customers who hear what they say about equality and diversity, but question why they continue to
work for regimes with poor human rights records.
“People dislike hypocrisy,” Boeri adds. “If you say you care about your employees, stakeholders and customers, then there is a good commercial reason for ensuring that you do not act in a way that directly opposes your expressed policies.”
Recognition
So, what would he like to leave as a legacy from his time as an internal auditor and as President of the institute? “I would like to be remembered as one of a number of people who made our profession recognised and appreciated by the public – because we help move the dial in society,” he says. “I want more people to understand that we are a profession that is respected and should be listened to.”
He feels strongly that internal auditors should feature more as experts and thought leaders in discussions in mainstream media programmes. They should contribute to national debates about social issues, business, risks and opportunities. If they have enough interesting opinions, then people will start to ask “Who are they? What do they do? Where do they get their information?” he adds.
In the past, internal audit has tended to stay hidden beneath the surface of organisations – it’s not in most businesses’ interests to highlight those who capture and mitigate risks before they become public. However, there are good arguments for making internal audit’s role more widely known and the current demand for integrity and trust reinforces these.
“It’s always an option not to be known, but that is the option of irrelevance,” he says. “I only have one life, so I want to see this happen soon.”
Career in a nutshell
2017 - today
Deutsche Bank – Group Audit Co-Head of People-Enablement and Head of Culture Assessment.
1999 - 2017
Risk Audit – Owner
1999 - 2000
Gerrard Group – Head of Internal Audit
1996 - 1998
Sumitomo Mitsui Banking Corporation – Head of Internal Audit
1996 - 1997
Lazard – Senior Internal Auditor
1989 - 1996
Credit Agricole – Head of Audit & Compliance
1986 - 1989
Amsterdam Rotterdam Bank, London Branch – Head of Internal Audit
1985 - 1986
Manufacturers Hanover Trust – Internal Auditor
1979 - 1985
Kleinwort Benson – Internal Auditor
This article was published in January 2024.