filling the void documents/021616-viewer-slides.pdfnontechnical skills gaps business acumen...
TRANSCRIPT
![Page 1: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/1.jpg)
RELEVANCE EXCELLENCE RESULTS
Filling the Void:
Addressing Today’s Skills
Gaps in Internal Audit
Paul McDonald, senior executive director, Robert Half
Larry Harrington, CIA, CRMA, QIAL, chief audit executive , Raytheon Company,
global chairman, The IIA
![Page 2: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/2.jpg)
Today’s Speakers
Paul McDonald
Senior Executive Director
Robert Half
Larry Harrington, CIA, QIAL, CRMA
Chief Audit Executive
Raytheon Company
Global Chairman
The IIA
![Page 3: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/3.jpg)
RELEVANCE EXCELLENCE RESULTS
Filling the Void:
Addressing Today’s Skills Gaps in Internal Audit
![Page 4: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/4.jpg)
Today’s Discussion
Skills in short supply in internal audit
Identifying skills gaps in your team
Professional development strategies
Outside resources
Incorporating employees into the process
![Page 5: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/5.jpg)
RELEVANCE EXCELLENCE RESULTS
Skills shortages
![Page 6: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/6.jpg)
Poll Question 1
How would you characterize the skills and
expertise of your team?
• Perfect – we have all the skills and expertise we need
• Good – we have a solid skill set but room to improve
• Fair – we’re lacking key skills
• Poor – we have a long way to go
![Page 7: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/7.jpg)
Hiring is hard – more so in internal audit
[VALUE]%
[VALUE].0%
0
2
4
6
8
Unemployment rates Projected employment growth:
2014-2024
[VALUE]%
[VALUE]%
0
5
10
15
Source: U.S. Bureau of Labor Statistics
National average
Accountants and auditors
![Page 8: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/8.jpg)
Technical Skills Gaps
International Professional Practices Framework (IPFF)
Governance, risk and control
Technological proficiency
Sources: Common Body of Knowledge (CBOK), The Institute of Internal Auditors,
2015 Internal Audit Capabilities and Needs Survey, Protiviti
![Page 9: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/9.jpg)
Nontechnical Skills Gaps
Business
acumen
Persuasion
Developing board-committee
relationships
Strategic thinking
Sources: Common Body of Knowledge (CBOK), The Institute of Internal Auditors,
2015 Internal Audit Capabilities and Needs Survey, Protiviti
![Page 10: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/10.jpg)
Emerging Areas of Focus
![Page 11: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/11.jpg)
RELEVANCE EXCELLENCE RESULTS
Identifying skills gaps in your team
![Page 12: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/12.jpg)
Identify Skills Gaps
Start with employee reviews –
but make it an ongoing process
Consider feedback from internal clients
Consult outside sources
![Page 13: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/13.jpg)
Addressing Skills Gaps
Invest in your team
Invest in yourself
Encourage staff to
invest in themselves
![Page 14: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/14.jpg)
RELEVANCE EXCELLENCE RESULTS
Professional development
![Page 15: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/15.jpg)
Poll Question 2
How has your budget for internal audit employees’
professional development changed the past 3 years?
• Increased
• No change
• Decreased
![Page 16: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/16.jpg)
Professional Development
Formal training
Reimbursement - Conferences
- IIA membership
- Certifications
![Page 17: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/17.jpg)
Professional Development
Mentorships
Job-shadowing
Role rotation
Cross-training
Brown-bag sessions
Guest speakers
Stretch
assignments
![Page 18: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/18.jpg)
The Value of Certification
Areas with greatest improvement between certified
and noncertified internal auditors:
1. International Professional Practices Framework
2. Governance, risk and control
3. Business acumen
Source: Common Body of Knowledge (CBOK), The Institute of Internal Auditors
![Page 19: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/19.jpg)
Poll Question 3
Does your company reimburse internal auditors for
expenses related to earning, maintaining certifications?
• Yes, full reimbursement
• Yes, partial reimbursement
• No reimbursement
![Page 20: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/20.jpg)
RELEVANCE EXCELLENCE RESULTS
Outside resources
![Page 21: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/21.jpg)
Outside Resources
The IIA
External auditors
Consultants,
project professionals
Guest speakers
Your network
Toastmasters
![Page 22: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/22.jpg)
RELEVANCE EXCELLENCE RESULTS
Making staff part of the process
![Page 23: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/23.jpg)
Incorporating staff into the process
Ask them
Self-assessments
Inter-staff trainings
Volunteer experience
New hires’ insights
![Page 24: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/24.jpg)
Poll Question 4
How frequently do you have an external quality
assessment review conducted of your internal
audit function?
• Every year
• Every 5 years
• Every 6-10 years
• Only if someone brings it up
• Never
![Page 25: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/25.jpg)
RELEVANCE EXCELLENCE RESULTS
Formalize it
![Page 26: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/26.jpg)
Formalize it
Write it
Measure it
Monitor it
Change it
![Page 27: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/27.jpg)
Takeaways
Addressing skills gaps
not getting easier
Deficiencies in both
technical, soft skills
Managers have options
Treat bridging gaps
like other goals
![Page 28: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/28.jpg)
Filling the Void
![Page 29: Filling the Void Documents/021616-Viewer-Slides.pdfNontechnical Skills Gaps Business acumen Persuasion Developing board-committee relationships Strategic thinking Sources: Common Body](https://reader033.vdocuments.us/reader033/viewer/2022051809/6013d98041a3f261897e80f1/html5/thumbnails/29.jpg)
RELEVANCE EXCELLENCE RESULTS
Filling the Void:
Addressing Today’s Skills
Gaps in Internal Audit
Paul McDonald, senior executive director, Robert Half
Larry Harrington, CIA, CRMA, QIAL, chief audit executive , Raytheon Company,
global chairman, The IIA