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Global Institute of Internal AuditorsBreadcrumb SeparatorNewsBreadcrumb SeparatorBlog: ​​C-Suite Owes More Than Simple Awareness of Internal Audit Reports

Read Richard Chambers' Latest Blog
​​​C-Suite Owes More Than Simple Awareness of Internal Audit Reports

In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:

Last month, I wrote about Atlanta's cyber breach and how the city's internal auditors had warned officials that their IT systems could be easily compromised. Those officials' failure to act promptly to correct the deficiencies left the city susceptible to a ransomware attack that crippled its computer network.

Meanwhile, the California state auditor reported that the University of California (UC) president's office had amassed $175 million for preferred projects but did not disclose it in its public budgets. A year has passed since then, and several recommended fixes have not been made. That failure to act could lead to leaner allocations from state coffers for the UC system, which would have to be offset by tuition increases.

Beleaguered U.S. banking giant Wells Fargo offers an example of just how costly ignoring internal audit can be. The U.S. Bureau of Consumer Financial Protection and the Office of the Comptroller of the Currency announced in April the bank would be fined $1 billion over practices involving its mortgage and auto businesses.

Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.​