Top 3 Internal Audit Myths

Top 3 Internal Audit Myths

The internal audit function has evolved through the years yet there are still a number of myths that continue to surround the profession. In today’s post recognizing Internal Audit Awareness Month, we’ll dive into three common misperceptions to help us better understand “what is internal audit?”

According to our friends at the Institute of Internal Auditors (IIA), internal audit has three pillars: Assurance, Insight and Objectivity while the following graph summarizes its core function.

Now that we know how the internal audit landscape is defined by governing standards, let’s see how the following myths stack up against the real deal.

Myth #1: Internal Audit is the corporate “police function.”

At CBIZ Stinnett, Internal Audit is a key competency of our firm. We avoid the industry’s stereotypical “policeman” mentality by focusing beyond compliance to deliver valuable results. Our team develops risk-focused internal audit plans to help address matters which impact the client’s vision and goals most. In fact, our cornerstone philosophy is that internal audit performed correctly results in process improvement. Due to the multitude of clients for whom we provide outsource and co-source internal audit services, Stinnett has developed a robust audit framework that is consistent with AICPA and IIA standards.

Myth #2: Auditors are nit-pickers and fault-finders.

According to IIA president and CEO Richard Chambers, internal audit’s focus is on major risks rather than on nit-picking details. Audit resources are limited, and when auditors focus too much attention on minor issues, they are limiting the time available for addressing the major risks and controls that are at the heart of internal audit. Any auditor would rather report on a $6 million cost savings than on a $6 error!

Myth #3: Internal auditors are accountants by training.

A survey by The IIA’s Audit Executive Center indicates that audit executives are now recruiting job applicants with analytical/critical thinking ability, data mining skills, business acumen, and IT skills more often than they seek applicants with accounting training. CBIZ Stinnett’s internal audit team holds degrees ranging from accounting, finance and engineering to a multitude of certifications including information systems, financial systems, fraud and business continuity. This diversification produces a network of professional advisors with deep technical expertise, superb communication and the creative thinking necessary to accelerate success for our clients.


Copyright © 2022, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).


© Copyright CBIZ, Inc. and CBIZ CPAs P.C. (together, “CBIZ”). All rights reserved. Use of the material contained herein without the express written consent of the firms is prohibited by law. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

CBIZ is the brand name for CBIZ CPAs P.C. and CBIZ Advisors, LLC (together), a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of growth-oriented companies. CBIZ Advisors, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ). CBIZ CPAs P.C. is an independent CPA firm that provides audit, review and attest services, and works closely with CBIZ, a business consulting, tax and financial services provider. CBIZ and CBIZ CPAs P.C. are members of Kreston Global, a global network of independent accounting firms. This publication is protected by U.S. and international copyright laws and treaties. Material contained in this publication is informational and promotional in nature and not intended to be specific financial, tax or consulting advice. Readers are advised to seek professional consultation regarding circumstances affecting their organization.

Top 3 Internal Audit MythsThe internal audit function has evolved through the years yet there are still a number of myths that continue to surround the profession. In today’s post recognizing Internal Audit Awareness Month, we’ll dive into three common misperceptions to help us better understand “what is internal audit?”.2018-05-01T17:00:00-05:00

The internal audit function has evolved through the years yet there are still a number of myths that continue to surround the profession. In today’s post recognizing Internal Audit Awareness Month, we’ll dive into three common misperceptions to help us better understand “what is internal audit?”.

Planning & Tax MinimizationAudit & Assurance ServicesYes