1. How to Manage and Overcome Current Day Audit Challenges
IIA Miami Panel – September 2018
Introduce moderator
Covering 3 main challenges
Resources
Stakeholders
Audit Process
Q&A’s from audience
Pause for questions or comments throughout
If we cannot get to your question, Panelists will be available throughout the conference and at happy hour
Introduce panelists

2. All our panelists serve on the IIA Miami Board of Governors
Meet The Panelists
Steve Roth
Blanca Malagon
Jonathan Wolfe
Introduce the panel by playing: Guess Who Matches? (Audience Participation to identify 2 panelists that have criteria in common)
All currently serve on the IIA Miami Board of Directors but 2 of these panelists are Past Presidents
Steve & Jonathan
2 of these panelists are FIU adjunct professors
Steve & Blanca
2 of these panelists led their own consulting business at one point in their career
2 of these panelists have been Gators, Panthers or Hurricanes in FL Universities
Panelists will share something the audience may not know about them
Vice President Internal Audit Norwegian Cruise Line Holdings
Associate Vice President Chief Audit and Compliance Officer University of Miami
Senior Director
AutoNation
All our panelists serve on the IIA Miami Board of Governors

3. Resource Challenges Manage and Overcome Challenges
It’s all about the people: IA depends on good people to get the job done
But first, we have to find them
Manage and Overcome Challenges

4. Resource Challenges: Talent Acquisition
Polled Panelists Prior to Conference
Average: Approx. 4 months to fill an IA position
Longest: 1 Year or 8 months on average
South FL Mkt figures provided by local recruiters which is in line with what our panelists (Thank you to Brilliant and Leeds Professional Resources)
"What talent sourcing techniques have worked best for you? Has your team employed any creative forms of recruiting? (please share examples)"
How should companies determine when to employ external help (recruiter(s) and/or temporary co-sourcing)? Are there any tips for ensuring you make the most of external help?
How does your team get ready to conduct effective interviews? Are there any techniques you or your interview team employ to identify the best candidates?
In order to standout, what technical or soft skills should professionals looking to enter the job market focus on developing?
NOTE: 10/16/2018 IIA National featuring a Members-only Webinar: Attracting and Retaining Top-Talent in Internal Audit (1 CPE Hour) IA

5. Resource Challenges: Managing Different Generations
2020
2025
Traditionalists
Mid 70 year old’s
Baby Boomers
50 – 70 year old’s
Gen X
50 – 40 year old’s
Gen Y: Millennials
20 – 40 year old's
Gen Y: Millennials
20 – 40 year old's
Gen Z
20 year old's
Once we have the right people, we have to effectively manage them
In 2020, we will have 5 generations working side by side in the workplace
Each with different working styles, communication preferences, expectations, etc.
By 2025, Millennials are projected to represent 75% of the workforce
Critical to understand how to effectively manage these members of the team

6. Resource Challenges: Managing Different Generations
Challenges when Managing Millennials
Steve
Blanca
Jonathan
Encouraging face-to-face communication
Maintaining high level of engagement
Finding ways to set themselves apart
Managing expectations of career advancement
Balancing the need for constant feedback/praise
Managing expectations
How have you had to adapt to managing millennials and which techniques do you feel have worked best?
With different generations within the IA department and the organization as a whole, what skills are millennials and Gen Z's developing in your departments to successfully integrate into the workplace?

7. Resource Challenges: Doing More with Less
Increasing efficiencies
Balancing requests for special projects
How has your internal audit department become more efficient, especially during times when sourcing talent has put a strain on resources?
Can you describe a time when you had to balance BoD and/or Management requests for special projects with the completion of the audit plan? How did you do more with less?
Manage and Overcome Challenges

8. Stakeholder Challenges
IA interacts with many stakeholders
Challenge: balancing varying stakeholders’ expectations & maintaining effective communication with all parties
Manage and Overcome Challenges

9. Stakeholder Challenges: Expectations and Communication
How do you balance board expectations with executive management expectations?
How do you manage changing and expanding expectations of Internal Audit when changes in key leadership occur?
Can you share any examples of innovative ways to report to the Audit Committee and Executive Mngt.? How do you ensure you're staying clear/concise without losing relevant content?
What tips can you share for different levels of Management seeking to become trusted advisors? Any pitfalls that may hinder getting/keeping your seat at the table?

10. Audit Process Challenges
Large Image slide
Audit Process Challenges
You’ve got the right people, you’ve become a trusted advisor to the company stakeholders
Challenges pop up throughout all the stages of the audit process – Lets discuss how we navigate through these
Planning
Fieldwork
Reporting
Follow up
Manage and Overcome Challenges

11. Audit Process Challenges
Steve
Blanca
Jonathan
Average time to complete operational audit
3 months
2 months
Varies,
from a few days to ongoing throughout the year
Longest audit stage
Planning
Reporting or
Fieldwork and Follow up,
if issues identified
Most challenging audit stage
All stages can bring unique challenges
Length of reporting phase
3 weeks
Varies
up to several weeks for complex reports
Average number of report drafts 20
5 or more for complex reports
Average number of quarters for audit follow up
2 quarters
2 to 4 quarters
1 to 6 quarters
Flexibility is key in internal audit, how do you plan for fluctuations in risk that may arise during the audit year?
How often do you reassess the audit plan during the year? What tools do you employ to gain comfort the audit plan will be completed or raise flags timely to adapt?
What proactive management methods can be applied throughout the audit process when working with external auditors?
How is your audit team employing data analytics to provide value to the organization?
Can you give an example of a section of your audit report you consider most helpful to stakeholders?
In a matrix organization, where process owners may report to various departments, how do you balance competing interests and obtain Management's buy-in during the reporting phase?
How do you develop truly mutual agreeable action plans to address internal audit findings?

12. Thank you! What are your biggest audit challenges?
Continue the conversation on social media
Thank you panelists for participating in open dialogue & sharing your experiences
Continue conversation during conference, Happy Hour and Social Media
Manage and Overcome Challenges