Recorded in 2018 during his tenure as president of the Chartered Institute, Mike Taylor, former Head of Audit for Experian, shares his thoughts on the profession with Liz Sandwith, our Chief Professional Practices Adviser.
“Step number one in any organisation is to get out there with senior stakeholders, explain the value of audit and listen to what they want too,” says Taylor. He adds that too many people have a poor understanding of internal audit or a misguided view based on previous experiences.
Each president brings a focus to the profession and building understanding of internal audit is something that Taylor requests of audit leaders throughout their career.
This was particularly important for Taylor as he was part of global organisations where consistency was important; he also acknowledges that the same principle applies to small organisations where different functions can be siloed.
During the conversation, he talks on a range of topics, including:
- Audit planning and the value of being dynamic
- The relationship between internal audit and risk management
- The pace of innovation and providing assurance
- Networking/sharing common challenges