Outside the box: Value in variety – Am I getting maximum benefit from my membership of the Chartered IIA?
Q: Am I getting maximum benefit from my membership of the Chartered IIA?
A: As we head back into work after the holiday season – and into what feels like a perfect storm of emerging and emerged risks – it’s easy to become so fully absorbed in business as usual that the benefits of any time out are rapidly forgotten. This year, take a few minutes to think about how you use your Chartered IIA membership and whether you, your colleagues and your organisation use what the institute offers to its full extent. You may find that more help and support is available than you think.
For a start there are the direct opportunities to learn and develop yourself and your team. These are likely to be the benefits that you are most familiar with – conferences, events and courses, online, in person and virtual. Even if you have attended these in the past or believe that you know what they offer, it’s worth checking that your knowledge is up to date. New courses, for example, appear in the schedule constantly, while the programme for the annual Internal Audit Conference and other events will highlight what the institute sees as the most important risks or challenges today.
If you are an internal audit leader, it’s also good to check periodically that your team members are aware of what’s available. Those undertaking an audit in an unfamiliar area or tackling an audit that is new to your organisation may not realise that there is a “How to Audit” piece of technical guidance, a course or an event they could attend to boost their confidence and competence and enable them to speak to others in the same situation.
Further technical guidance is also available free to all members on topics as varied as professional scepticism, auditing budgeting and forecasting, effective report writing and data governance, among many others. In addition, Liz Sandwith, the institute’s professional practices adviser, hosts an informal drop-in internal audit “clinic” once a fortnight on Teams, where you can raise further questions and discuss concerns. Technical blogs provide comment on topical issues, as and when they arise.
Do not underestimate the value of networking and sharing experiences. The spaces between conference sessions and breaks at events are important places to meet peers from across sectors and find out what’s going on. The institute’s specialist forums take this one step further, with talks and advice aimed specifically at those, for example, in local authorities, financial services or in internal audit leadership roles, or those seeking to learn more about data analytics or share their thoughts about fraud.
Those new to the profession could benefit from Aspire network events, while women may want to get involved with the Women in Internal Audit group. Both of these aim to help members develop their careers and build professional networks beyond their own organisational boundaries. Mentoring support for people from under-represented ethnic backgrounds can be sourced via the Inspire network, hosted by EY. Those who are still studying for certifications may gain encouragement and support from participating actively in the Student Community.
If you’re leading an internal audit team, you should also be aware of the institute’s new Audit Committee Service. This is aimed at developing the relationship between internal audit and the audit committee by offering advice and support to new audit committee members and helping audit committees to understand what they should expect from internal audit. Improved understanding should, in turn, help you to develop more constructive conversations that better support the organisation.
Developing trust, communication and external relationships is as important as developing the internal audit team itself, and the periodic external quality assessment (EQA) process is an excellent opportunity to publicise good work as well as to think about how to improve the function in future. The Chartered IIA offers an EQA service that draws on the extensive experience of senior internal auditors from a range of sectors and focuses on future developments as much as on assessing current practice.
And anyone aiming to stay abreast of the latest developments in internal audit practice and the wider risk environment should take advantage of the institute’s thought-leadership papers and themed reports – recent ones have ranged from topics to do with culture and disruption to talent management and cyber risks. The next must-read will be the annual Risk in Focus report, published later this month.
It’s also good to share with others the things that you have done that have worked well. The internal audit community needs to learn from different teams facing common problems. One way to do this is to enter the annual Audit & Risk awards – and to read the articles we publish on those that have won in the past.
Last, but not least, it’s always worth asking yourself what you could gain (and give back to others) by getting more involved in the institute. Things change, so what may not have been possible or desirable a year or two ago, may be just what you need now – whether this is to stretch yourself, gain experience or develop your CV and contacts. The profession and the institute need people to share what they’re doing and dedicate some time and energy to ensuring that others get the support they need to develop.
The institute is nothing without its members, so making sure that you make the most of the opportunities that come with your membership could also mean adding value to others who are keen to make the most of theirs.
For more information and ideas visit the Chartered IIA’s Community Hub.
This article was first published in September 2022.