Stakeholder engagement and management

According to the article, what is a key thing that sets internal auditors apart regarding their stakeholders?

Stakeholders typically have different needs and expectations regarding the work that IA performs

Stakeholders can prove a problem for IA's independence

IA has a range of stakeholders

Stakeholders can be based all over the world

According to Maya Angelou, what will people never forget?

How you made them feel

Where they were on 9/11

The pain of a broken heart

Something's quality, long after its price is forgotten

In what circumstances does the author suggest that internal auditors may face resistance, or even hostility?

When looking at people's systems and suggesting ways they can be improved

When auditing established processes, managed by long-serving members of staff

When carrying out investigation work

When dealing with new managers, who have recently taken over a process or department

Who defines value with regard to what Internal Audit does, according to Richard Chambers?

The Chief Executive

Internal Audit's stakeholders

The Chair of the Audit Committee

The Head of Internal Audit

What KPI does the author suggest may be unique to the Board of Directors/Audit Committee?

Spread of ratings across reports issued

Audit coverage across the whole enterprise, over a set period

Number or age of outstanding actions

Number of recommendations issued

Can External Audit place reliance on the work performed by Internal Audit?

Generally they cannot place reliance

Only for those locations that they haven't visited themselves

Only where they have reviewed the IA work papers

Only where the IA team is perceived to be professional and effective

Internal auditors working in the public sector may have another group of stakeholders to consider: "End users". Which of the stakeholders in the article does the author think may have similar expectations?

Executive Management

Line Management

The Board of Directors/Audit Committee

The External Auditors

Are emails the best way to stay in contact with stakeholders?

Yes - they are a cost-effective way of communicating with stakeholders in other locations

Yes - you can choose your words carefully and send the message when it's convenient for you

No - they are not as effective as face-to-face meetings

No - they are generally not as good as telephone calls or video conferences

Why might internal auditors shy away from holding face-to-face meetings with senior Executives?

Such meetings can make internal auditors anxious

The internal auditors may not be very good at reading body language

The Executives might prefer internal auditors to talk to their direct reports instead

It's difficult getting time in their diaries

What did Steve Jobs say we should do to understand our stakeholders?

Get close enough to see the whites of their eyes

Get close enough to tell them what they need before they realise it themselves

Get close enough to smell their aftershave/perfume

Use focus groups as a way of understanding what they are thinking

Stakeholder engagement and management

According to the article, what is a key thing that sets internal auditors apart regarding their stakeholders?

According to Maya Angelou, what will people never forget?

In what circumstances does the author suggest that internal auditors may face resistance, or even hostility?

Who defines value with regard to what Internal Audit does, according to Richard Chambers?

What KPI does the author suggest may be unique to the Board of Directors/Audit Committee?

Can External Audit place reliance on the work performed by Internal Audit?

Internal auditors working in the public sector may have another group of stakeholders to consider: "End users". Which of the stakeholders in the article does the author think may have similar expectations?

Are emails the best way to stay in contact with stakeholders?

Why might internal auditors shy away from holding face-to-face meetings with senior Executives?

What did Steve Jobs say we should do to understand our stakeholders?

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