Strategy #5: Measure Results
A major key to ensuring a big impact is simply to measure our own performance. By keeping track of measures such as return on investment, cycle time, customer satisfaction, and the percentage of our recommendations that have been implemented successfully, we can measure how well we are doing at meeting our goals.
As internal auditors, we expect operational management to measure their results, yet we often fail to take the same actions ourselves. When was the last time you looked at all the costs of doing an audit — not just internal audit’s personnel and travel costs, but also the costs to operating personnel in terms of time for interviews, walk-throughs, and report reviews? If you look at the total costs from management’s perspective, were your audits a good value? Each individual audit report may or may not have a big impact, but at a minimum your audit plans should demonstrate value relative to costs. If internal audit is not a good value, it is time to re-think the audit planning process with a keen eye for value-per-dollar- spent.
This is strategy 5 of 6.
From Richard Chambers, CIA, CGAP, CCSA