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Internal Audit Awareness Month champions the essential role of internal auditors throughout May. This month provides a prime opportunity to educate stakeholders, bust myths, and highlight the profession’s critical function in ensuring organizational health. Dive in to discover how internal auditors act as trusted advisors, reviewing compliance, tracking internal functioning, and assessing business risks.
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History of Internal Audit Awareness Month
While the process of internal auditing has been in practice since after World War II, it wasn’t a full-fledged profession back then. The technique has its roots in public accounting jobs and management consulting, which were evolving at the time. Lawrence Sawyer conceived internal auditing, as we know it today. He talked about it in his book “Internal Auditing: The Practice of Modern Internal Auditing.” Therefore, he is also referred to as ‘the father of modern internal auditing.’
Closer to the present, the Institute of Internal Auditors (I.I.A.) created the awareness month in the 1990s. They created it with the intention of spreading awareness about the value of internal auditing processes, both at an organizational level and on a personal level.
By the sound of it, the word ‘audit’ isn’t the most exciting topic for people outside the industry. But there’s no denying the fact that it’s what keeps our organizations’ prospects alive and operational efficacy in place. Without the help and support of internal auditors, a company might run amok. Internal auditors are the people who discover the risks on behalf of an organization and also the defense experts. When the time of need arrives, internal auditors always keep the organization’s best interests in mind, irrespective of which way the wind is blowing. Having said as much, we think internal auditors sure deserve ample appreciation and credit for all that they do.
Internal audits are often misunderstood and connected to financial or business analyses, but they are different. Owing to this assumption, many shy away from this profession. Therefore, awareness on the topic is of the utmost importance.
Internal Audit Awareness Month timeline
The Institute of Internal Auditors is set up in the United States.
The IIA Chairman, Anthony J. Ridley, chooses ‘Internal Auditing: A Profession for the 21st Century’ as the board’s theme.
The U.S. implements the Sarbanes–Oxley Act to enhance the exposure and value of internal auditors.
The I.I.A. issues professional guidance to build a strategy for internal audits as a practice guide called “Developing the Internal Audit Strategic Plan.”
Internal Audit Awareness Month FAQs
When is Internal Audit Awareness Month?
In 2027, Internal Audit Awareness Month will again be observed for the full month of May. It’s a key period for professionals to highlight their impact and for businesses to appreciate their internal audit functions.
What is the primary role of internal audit?
For 2027, internal audit continues its crucial function as a trusted advisor, helping an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
How many internal auditors are there globally?
Looking to 2027, the global community of internal auditors is estimated to be in the hundreds of thousands, with professional bodies like the IIA continuously expanding their reach and membership to support the growing demand for skilled practitioners worldwide.
What is the difference between internal and external audit?
By 2027, the distinction remains clear: internal auditors are employees of the company, working to enhance internal processes and mitigate risks, while external auditors are independent third parties required by law to verify the accuracy of financial reporting for public trust.
How to Observe Internal Audit Awareness Month
Show your appreciation
Internal auditors don’t always receive recognition for the work they do. But you can change that this month. If you know any internal auditors, show them your appreciation.
Rebrand your department
What makes any organization stand out? Branding! Since your job is to give out advice and mitigate risks, you could consider naming your department ‘Risk Control Advisory’ or something along that line. This would make you more approachable.
Raise awareness
As the name suggests, this month aims to spread awareness about the importance of internal auditing. As most people are oblivious to what audits are, you could host a session or workshop or even a social media campaign to let people know more about the profession and its significance.
5 Facts You Didn’t Know About Internal Audits
It’s more than just audits
Over 25% of audit plans revolve around putting new regulations to effect, risk management, employee training, streamlining processes, and so on.
They work across various organizational levels
The audit team isn’t as closed-off as you might think — their job requires them to work across the organization at different levels, from driving sales to advising the board on how to assess risks.
Math pro? Not required!
It’s a myth that auditors have to be great at mathematics.
Auditing isn’t accounting alone
Most people relate auditing to accounting when the truth is most auditors specialize in statistics, I.T., and data analytics.
Not a ‘police function’
Auditors aren’t after you or they don’t exist to police you — their job is to verify your work to protect you and the organization, when or if the need ever arises.
Why Internal Audit Awareness Month is Important
It recognizes the profession
The month helps us see the internal audit department as an operational business unit and gives the profession the credit it deserves. It is also a time for us to educate ourselves about internal auditing.
Audits are vitally important
Most organizations have a high chance of crumbling without their internal auditors. This month is a way of acknowledging the value that the internal audit division has.
A month of reflection
Whether we’re in the profession or not, this month gives us all an opportunity to reflect on our understanding of internal audits and career prospects in this line. It’s time we consult someone in the profession or maybe just read more on this and broaden our horizons.
