Celebrating Internal Audit Awareness Month

Allie Westwood Date published: Apr 23, 24

Internal auditors are often the unsung heroes of an organization, working diligently behind the scenes. This Internal Audit Awareness Month (May 2024), let's celebrate their vital role in helping businesses thrive.

We want to shine a light on the internal audit profession. What do internal auditors do? What do they really think about their jobs? And, how can you celebrate their work?

What is Internal Audit Awareness Month?

Established by the Institute of Internal Auditors (IIA) around the same time that "the Macarena" became a movement, Internal Audit Awareness Month is a yearly event in May to promote the profession globally. You might also see it referred to as IIA Awareness Month.

Why is it important?

Many professions, like doctors or teachers, are well-understood by the public. Internal audit, however, can be a bit of a mystery. Internal Audit Awareness Month aims to:

• Clear up misconceptions about the profession
• Strengthen its reputation
• Educate the business community on this critical function

What do internal auditors do?

Internal auditors provide independent assurance to stakeholders as the "third line" of defense in three key areas:

• Organizational governance that ensures ethical and effective leadership
• Internal controls to safeguard assets and ensuring reliable information
• Risk management to identify and mitigate potential threats to the organization

They act as impartial watchdogs, helping to swiftly address issues, protect brand reputation and prevent wasted resources. This translates to growth and overall success for the organization.

The difference between internal audit and external audit

It's important to distinguish internal auditors from external auditors. While external auditors primarily focus on financial statements, internal audit has a broader scope. Internal auditors delve into areas like:

• Fraud detection
• Health and safety
• Supplier relationships
• Employee well-being
• Cybersecurity

Meet the auditors

Now we know what internal auditors do on a daily basis, let’s hear from some internal auditors themselves.

Stephanie Jones, Head of Internal Audit & Risk

How do you feel about your time as an internal auditor?

“I am immensely proud of the 13 years I spent as an internal audit professional prior to joining Ideagen, as well as the 13 years (and counting!) I have spent volunteering for the Institute of Internal Auditors through my local chapter and at the North America committee level.”

What’s your favorite thing about internal auditing?

“I love everything about this profession! It has allowed me to travel the world performing audits of greeting cards, mutual funds, and salt mines. It has also provided me with countless opportunities to be a leader and a trusted advisor to the companies I worked for.”

Kaylie Barnhart, Pre-Sales Manager

What benefits are there to a career in internal audit?

“There are many benefits to a career in internal audit, as the role impacts organizations at multiple important levels. During my 10-year career as an internal auditor, I worked in a wide variety of industries including transportation, banking and higher education.

For me, some of the most rewarding parts of being an internal auditor included having the ability to learn about all aspects of an organization and the industry, working with individuals with varying backgrounds and at all levels of the organization, identifying issues and process improvements that result in real change, and performing investigations to eliminate fraudulent practices.”

Celebrating Internal Audit Awareness Month in 2024

Internal auditors are essential for any organization seeking to achieve great things. Here are some ideas to get involved this Internal Audit Awareness Month:

1.     Debunk the myths

Common misconceptions portray internal auditors as fault-finders. Use this opportunity to educate others about your role and challenge these myths.

2.     Host a workplace event

Organize an event to raise awareness. Create a space for open discussion and invite guest speakers to address important topics. This is a fantastic way to inform colleagues and stakeholders about the value you bring.

3.     Explore resources

There's a wealth of resources available. Read about the value of internal audit, how technology can enhance it, and the top qualities internal auditors possess. Share these resources with colleagues and stakeholders.

4.     Support your internal audit team

What challenges do they face? How can you make their work easier and more efficient? Remember, a successful internal audit function benefits everyone.

5.     Spread the word on social media

Use the power of social media to promote internal audit! Share posts on LinkedIn, Twitter, or Facebook using the #IIAMAY hashtag. Consider reaching out to news outlets to discuss the importance of internal audit in areas like ESG and sustainability.

By taking these steps, we can move internal auditors out of the shadows and into the spotlight, where everyone can recognize the value they bring.

Learn more about the value of internal audit

Promoting the value of internal auditors is at the heart of Internal Audit Awareness Month. Find out more about how the function adds value in our blog.

Read now