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APRIL 24, 2018
The Integrated Auditor: Becoming the Go-to Resource Your Company Needs
Jeff Hemphill | Partner and Central Region Leader, Risk Advisory ServicesBrian Kirkpatrick | Managing Director, Risk Advisory ServicesJoseph Mauriello | Director, Center for Internal Auditing Excellence, UT Dallas
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CPE and Support
CPE Participation Requirements | To receive CPE credit for this webcast: You’ll need to actively participate throughout the program. Be responsive to at least 75% of the polling questions. Please refer the CPE & Support Handout in the Handouts section for more information
about group participation and CPE certificates.
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Audio | Audio will be streamed through your computer speakers. If you experience audio issues during today’s presentation, please dial into the teleconference: 1-855-233-5756, and use teleconference code: 226 838 6759 #
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Jeff HemphillPartner and Central Region Leader | Risk Advisory Services
Jeff Hemphill leads our Risk Advisory Services practice in the Central region.
With more than 25 years of public accounting and industry experience, Jeff has delivered internal audit, compliance, and consulting solutions to Fortune 500 and middle market companies in numerous industries.
Jeff joined BDO with Big Four experience, previously with KPMG and Deloitte. In addition, Jeff has experience developing and managing compliance programs with responsibility for North America, Europe and Asia.PROFESSIONAL AFFILIATIONS
Institute of Internal AuditorsUniversity of North Texas Accounting Department
Advisory BoardUniversity of Texas at Dallas Internal Audit
Advisory BoardNational Association of Corporate Directors
EDUCATION M.S. and B.S., Accounting, University of North Texas
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Brian KirkpatrickManaging Director | Risk Advisory Services
Brian Kirkpatrick is a managing director in BDO’s Risk Advisory Services practice. He has more than 18 years of experience in delivering internal audit, compliance, and consulting services and solutions to Fortune 500 and middle market companies. He has expertise in consulting and performing Internal Audit Services (including External Quality Assessment Reviews), Enterprise Risk Management (ERM), Sarbanes-Oxley (SOX) including SOX Readiness and Compliance Management Services, Finance and Performance Management and Business Risk Assessments.
Brian’s clients include a variety of middle market and Fortune 500 companies across a broad range of industries including healthcare, financial services, manufacturing & distribution, transportation, information technology (IT) services, energy and property management services.
Prior to joining BDO, Brian was previously with a Big Four public accounting firm, providing internal audit services to various middle market and global diversified companies.
PROFESSIONAL AFFILIATIONSThe Institute of Internal Auditors, Member and local Chapter Treasurer
EDUCATION MBA, Baldwin-Wallace CollegeB.S., Accounting, Penn State University, The Behrend CollegeSix Sigma Green Belt, Villanova University
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Joseph MaurielloManaging Director | Risk Advisory ServicesDirector | Center for Internal Auditing Excellence at UT Dallas
PROFESSIONAL AFFILIATIONSInstitute of Internal AuditorsISACA – Academic AdvocateAmerican Institute of Certified Public AccountantsTexas Society of Certified Public AccountantsInstitute of Management AccountantsAssociation of Certified Fraud Examiners
EDUCATION MBA, The University of Texas at Dallas MS, Accounting, The University of Texas at Dallas BA, Lehigh University
In addition to serving as a Managing Director in the Risk Advisory Services practice at BDO, Joseph Mauriello is the Director of the Center for Internal Auditing Excellence at the University of Texas at Dallas (“UTD”) where he is responsible for overseeing all aspects of the academic program. UTD is one of eight recognized centers of excellence in the world, as designated by the Institute of Internal Auditors, and is currently recognized as the largest graduate program in internal auditing. Currently, Joseph teaches core courses in the graduate program which include Internal Audit, Advanced Internal Audit, GRC, and IT Audit.
Prior to UTD, Joseph has more than 13 years of management and supervisory experience in accounting and auditing in both public company and consulting environments. He has expertise performing business risk assessments, ERM projects, anti-fraud program development services, performance improvement strategy assessments, quality assessment reviews, and fraud investigations within the Risk Advisory umbrella, along with traditional internal audit co/outsourcing and SOX Compliance project management services.
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Today’s Learning Objectives
At the conclusion of this course, participants will be able to:
Describe the challenges facing the internal audit profession related to obtaining and retaining quality auditors
Describe convergence of compliance, financial, IT, governance and fraud risks and how the internal audit profession is responding to this convergence
Discuss the unique skill sets and traits of an integrated auditor
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Defining the Integrated Auditor
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Defining the Integrated Auditor
What does it mean to be an Integrated Auditor?
Varying definitions / understandings Financial Statement assurance view (Sarbanes-Oxley) IIA Guidance (July 2012) “more global approach, holistic” Process Assurance and IT Audit “combined” Challenge of executing integrated audits
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Defining the Integrated Auditor
An Evolving Model for the Integrated Auditor
Brought about by evolutions in….
Corporate governance Multi-generational workforce Technological advancement Professional landscape
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Defining the Integrated Auditor
Impact of the New Model
What does it mean going forward?
Effectiveness Efficiency Automation Talent requirements Sourcing
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Demands of the Profession
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Demands of the Profession
Current Challenges
Changing nature of…
Core Internal Audit Enterprise risk management Assurance Knowledge IT landscape
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Demands of the Profession
Emerging Challenges
Audit never sleeps….
Artificial Intelligence Data Analytics Robotics Block chain Machine learning Cybersecurity
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Demands of the Profession
Required Change of Course
The profession is demanding a new vision for the integrated auditor…
Business Acumen Technology Risk Subject matter expertise (industry, topical) Soft skills
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The New Model
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The New Model
Responding to Change
In order to realize the benefits of the new model…
Address Corporate strategy Recruit with purpose Review staffing model Re-evaluate Audit’s value proposition for the company Develop partnerships (internal and external)
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The New Model
Talent Management
Obtaining, Developing, and Retaining….
In-source Model Co-source Model Out-source Model Continuous learning as an investment Balancing growth, opportunity, and retention
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The New Model
Sourcing
Building a collaborative approach based upon….
Balance of skills and experience Understanding resource requirements with automation Appreciation of risk management Proactive versus reactive Maturity of the Internal Audit Function
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Fostering the Future
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Fostering the Future
Importance of Obtaining Talent
Increased demand for Internal Audit professionals Decreased supply for Internal Audit professionals Cost / Benefit Refreshing skill sets through acquisition Fear of Skill Deterioration / Obsolescence
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Fostering the Future
Preparing the Next Generation
State of Academia The IIA’s Approach through its IAEP Program The University of Texas at Dallas Model Aspiring Internal Audit / IT Audit / Data Analytics Students Challenges
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Fostering the Future
Professional Development – The Art of Staying Current
The hallmark of any profession – continuous learning Skill building – soft and technical Embrace the changing technological landscape Embrace generational differences in the workforce Trust in the principles of the profession
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Concluding Thoughts
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Concluding Thoughts
The New Integrated Auditor
A new brand of risk management professional….
Unification of soft skills, business acumen, and technology “The Great Facilitator” Relationship driven controls strategist Continuous learner Continuous educator / facilitator
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Concluding Thoughts
Internal Audit Transformation
The rise of the machines…..not entirely
Redefined value proposition Balancing technical know-how and business acumen Identifying the appropriate sourcing model Automating effectively and efficiently Attracting and retaining talented professionals
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Concluding Thoughts
Future Supply and Demand
Scarcity continues to befuddle the labor market….
Demand will continue to increase significantly Shortage of qualified professionals – demand will continue Winners will be those with staffing/recruiting strategy and
long term outlook Losers will be those who recruit randomly
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Questions
Jeff [email protected]
Brian [email protected]
412-315-2317
Joseph [email protected]
972-883-4729
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Coming SoonPlease watch your e-mail for invitations!
May 15, 2018 | Global Risk Landscape ReportPlease watch your e-mail for an invite to download in mid-May
June 26, 2018 | Course 3 of 2018 Webinar SeriesFrom scandals to serious setbacks: how a poor company
culture can impact the bottom line3 PM ET / 2 PM CSTPlease watch your email for an invite to register in late May
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ConclusionThank you for participating!
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