Developing an Internal Audit Strategy

Update: 2025-12-23

Description

The Institute of Internal Auditors Presents: All Things Internal Audit

In this episode, Pamela Stroebel Powers and James Rose unpack the new Global Practice Guide: Developing an Internal Audit Strategy, created to support Standard 9.2 in the Global Internal Audit Standards. They discuss why strategy is essential for internal audit functions, how it differs from the audit plan, and the importance of foresight, scenario analysis, and continuous development. They also explore the connection between strategy and performance measurement, and how these tools help internal auditors stay aligned with organizational objectives.

HOST:
Pamela Stroebel Powers, CIA, CGAP, CRMA, CPA
Director of Professional Guidance, Public Sector, The IIA

GUEST:
James Rose, CIA, CRMA, CPA, CISA
Managing Director, Sunhawk Consulting
Member, International Internal Audit Standards Board (IIASB)

KEY POINTS:

Introduction to the New Global Practice Guide [00:00:02 –00:00:30 ]
Why Internal Audit Needs Its Own Strategy [00:00:51 –00:01:33 ]
How Internal Audit Strategy Differs from Organizational Strategy [00:01:55 –00:03:39 ]
Continuous Improvement as a Strategic Mindset [00:03:42 –00:04:44 ]
Strategy vs. the Internal Audit Plan [00:04:55 –00:07:54 ]
Building Capabilities for the Future, Not Just Executing Audits [00:05:35 –00:07:33 ]
Foresight and Scenario Analysis in Internal Audit Strategy [00:08:01 –00:14:39 ]
Predicting the Future: Preparing Internal Audit for Multiple Scenarios [00:10:19 –00:13:54 ]
Linking Strategy to Performance Measurement (Standard 12.2) [00:15:21 –00:19:59 ]
Balancing Required vs. Aspirational Performance Measures [00:16:40 –00:19:26 ]
Using Strategy and Measurement to Strengthen Governance Assurance [00:19:26 –00:20:39 ]
Wrap-Up and Available Companion Tools [00:21:20 –00:23:09 ]