The Audit Library Blog

Olivia Whipple

Fraud Spotlight: Theft Uncovered at a Not-for-Profit

This is the latest in a series of blog posts highlighting real people who have uncovered frauds. We’ll break down the frauds, explore auditing theories and concepts, and get to know the people who brought these frauds to light. Leon Taylor is a CPA and tax expert who is in the process of retiring from practice in Beaverton, Oregon (a suburb of Portland). We met in 1979… because he’s my uncle! Being related to Leon gave me credibility that I did not earn when I was starting my auditing career in the mid-2000s. Just about everyone in the greater Portland

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Advice For Internal Auditors

Olivia Whipple

Fraud Spotlight: Theft Uncovered at a Not-for-Profit

This is the latest in a series of blog posts highlighting real people who have uncovered frauds. We’ll break down the frauds, explore auditing theories and concepts, and get to know the people who brought these frauds to light. Leon Taylor is a CPA and tax expert who is in

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John Kaneklides

Remote Auditing Is Here To Stay

Over the past year and a half, our lives and the internal audit industry as a whole have changed drastically. Many of our clients learned to adapt in ways they never thought possible. In 2020 and the first half of 2021, The Audit Library conducted all of our consulting engagements

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Olivia Whipple

Fraud Spotlight: An Auditor Becomes a Whistleblower

This is the latest in a series of blog posts highlighting real auditors who have uncovered major frauds. We’ll break down the frauds, explore auditing theories and concepts, and get to know the people who brought these frauds to light. John Kaneklides is a man of many talents. He’s an

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Olivia Whipple

Fraud Spotlight: A Forensic Accountant Discovers Two Schemes

This is the first in a series of blog posts highlighting real auditors who have uncovered major frauds. We’ll break down the frauds, explore auditing theories and concepts, and get to know the people who brought these frauds to light. Brad Powell is the CEO and founder of Redboard, a

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Olivia Whipple

Common Mistakes New Auditors Make, and How to Fix Them

All human beings are creatures who change with their environment and circumstances. Auditors are in the unique position of watching this progress in real time. Clearing comments left by our bosses, examining last year’s work to build a foundation for this year’s work, and taking required CPE courses makes the

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Olivia Whipple

Audit and Compliance: Where to Draw the Line

In my experience, people are inherently good and want to do the right thing. For most of our lives we don’t need to prove our goodness or innocence, and the laws keeping us on the right side of the law are taught to us early and often. Parents, grandparents, teachers,

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John Kaneklides

Auditing in Times of Uncertainty

Coronavirus (Covid-19) has escalated from a few isolated cases in a foreign country, to a global pandemic affecting all aspects of American life. There is much we don’t know about how this pandemic will change our lives in the financial services industry over the coming weeks and months. However, what

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Olivia Whipple

Auditing Compliance 101

My business partner John and I spend a lot of time talking to Internal Auditors, noting trending topics and emerging issues. While The Audit Library is for auditors everywhere, the vast majority of our subscribers come from the Credit Union industry. For the past several months, one topic has come

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Olivia Whipple

New Year’s Resolutions for Internal Auditors

Happy New Year everyone! 2019 was full of challenges, opportunities, and adventures for The Audit Library team. 2020 is looking to be busier and better than ever! There is something unspoken, but universally understood, about a New Year. When the calendar officially rolls over, a cycle begins. It’s a time

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Olivia Whipple

Auditees Say the Darndest Things!

Last September, I signed on to coach a girls’ running team my daughter participates in. After I was trained and first aid certified, I was ready to go! Or rather, I thought I was ready. Being responsible for these precious young lives for a few hours every week is a

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Crown
Olivia Whipple

Leadership Changes Are Coming! Are You Ready?

I recently returned from a trip to Europe with my husband. We had a lovely time visiting ancient churches, viewing many of the world’s treasures, and sampling too much local cuisine. One of the traditions I observed during the London leg of our trip was the Changing of the Guard

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Spyglass
John Kaneklides

The Art Of Being Nosy

As a child, if something was lost in my house my mom would always ask me if I knew where it was.  No, not because I had hidden it, but because I had a peculiar ability. When I see something once, even in my periphery, I remember exactly where it

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Question
Olivia Whipple

Auditors Know Everything, Right?!

One morning I got a call at my desk, from an employee in another department. I knew this person, but we didn’t interact often. This was someone in a mid-level operations job; not management, but experienced at the company. “Hi Olivia, where do you keep a copy of our procedure

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Exit
Olivia Whipple

Auditor Resignations 101

In my previous post, I wrote about the circumstances that lead auditors to resign.  Today I’m going to discuss the next phase, the resignation itself.  What should auditors do before, during and after their resignation?  What common pitfalls can be avoided, and what difficulties will need to be navigated? I

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Door
Olivia Whipple

When it’s Time to Start Looking 

Auditing is an unusual profession for many reasons, one of which is our high turnover.  Many auditors, even those less than ten years out of college, can list a handful of companies on their resume.  If you’re like me, this could be from a relocation or making the transition to

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Olivia Whipple

Management is NOT the Enemy!

Is there a more complicated relationship on earth than Internal Audit and Management? Management has more power than we do, but they can’t fire us. They don’t get to tell us what to do, but they have an opinion about literally everything we do. We can’t tell them what to

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Tip Jar
Olivia Whipple

Auditor Charm School

In a perfect world, we would be judged on our work product alone.  We would sit in our offices or cubicles, sampling, testing and typing away.  Our reports would be taken at face value, and our raises and promotions would be purely merit-based.  Well, this is a post about the

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One Way
Olivia Whipple

“Audit Said so” is NOT a Reason!

I worked as a bank teller for about five years, after I got my undergrad degree.  Equal parts human regulatory encyclopedia, expert cashier, crisis negotiator, and counselor.  This was how I supported myself during business school, so if any tellers aspiring to be auditors are reading, hats off to you

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Books
Olivia Whipple

Recommended Reading for Auditors

I love to read, but my relationship with business writing is complicated.  It takes a special person to have both writing skills and business acumen.  When these skills come together in an author, reading about business is a true pleasure.  Today, I want to recommend some business writing that has

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Conf Table
Olivia Whipple

Should You Join a Board?

Well, look at that!  A friend, co-worker, acquaintance, neighbor, or fellow parent from your child’s school has asked you to join a board!  Isn’t this exciting?!  Aren’t you flattered?! What a great way to make an impact on this meaningful not-for-profit! This is going to look great on my resume!

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Internal Audit Fundamentals

Olivia Whipple

Internal Audit and Risk

My business partner John and I spend a lot of time talking to Internal Auditors. We ask many questions, gathering feedback to make sure our services are invaluable to more and more of you. In turn, we are asked a lot of questions, as existing and potential subscribers vet us

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Olivia Whipple

Quality Assurance Reviews 101

As an Internal Auditor, you spend the majority of your time reviewing other people’s work; making sure they are following laws, policies, procedures and best practices. Then every once in a while, someone will ask “Who audits the Internal Auditors?” When I worked in public accounting, I saw auditors from other firms

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Olivia Whipple

Planning, Budgeting and Time-Tracking 101

It is officially planning season!  A time for reflection, decision making and patience.  Soon to be followed by negotiation, questioning and explaining. And more explaining.  Followed by thinking you were good, only to be asked the same questions two months later, right?!  I kid.  Planning and budgeting can be a frustrating

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Binders
Olivia Whipple

Why Internal Auditors Should NOT Write Company Policies

Internal Auditors should not be involved in the creation of company policies. There are several reasons, based on theory and on situations I have personally faced, which I’ll break down over the course of this post. Bottom line, this is about protecting the independence and objectivity of the audit function

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Phone
Olivia Whipple

Whistleblower Hotlines 101

In the auditing world, very few things are simple to understand and easy to accomplish.  Today’s topic is an exception.  Establishing a whistleblower hotline is one of the most important things you can do, and it is surprisingly easy and inexpensive.  If you work in an Internal Audit department or

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Internal Audit How-To

Olivia Whipple

Auditing Your Corporate Culture

Auditing corporate culture is an emerging issue in the Internal Audit industry. A strong corporate culture can promote ethical behavior, improve employee loyalty, and cultivate devoted customers. It’s not a surprise that this is something auditors talk about at the virtual events we attend, on auditing message boards, and through

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Piggy Bank
Olivia Whipple

Effective Audit Budgeting

Auditors, budget season is quickly approaching! Are you prepared? Do you need some solid tips and sound advice to create a budget that is effective, reasonable, and will meet your department’s needs? Well, today we’re talking budgets! My past blog post, Planning, Budgeting, and Time-Tracking 101, is devoted to the

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Ruler
John Kaneklides

Valuing Internal Audit

The Audit Library was recently engaged in an interesting consulting engagement. We reviewed and rewrote all the job descriptions for the Internal Audit department of a Credit Union with almost $1.5 billion in assets. Once we received the original job descriptions, we realized there was nothing wrong with them. However,

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Files
Olivia Whipple

Are You Using Electronic Workpapers?

One of my best memories from my days working at CPA firms was a hilarious email stream about electronic workpapers. Yes, you read that right! The original email was from a student, writing to the head of recruiting at a firm which will remain nameless. The student listed all of

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Laptop
Olivia Whipple

Create Audit Department Metrics with Excel

I was at a conference a few years back; sitting in a crowd of at least 300 auditors, most of whom were in leadership at their companies.  The facilitator asked if anyone had a process for tracking department productivity and project realization.  Being an extrovert who loves spreadsheets, I was

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About The Audit Library

John Kaneklides

2020’s The Best of The Audit Library

What a year 2020 has been. We have all had to endure struggles on a personal and professional level that we could not have anticipated. But, now that it is 2021 and we are slowly seeing the light at the end of the tunnel, let’s take some time to focus

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Olivia Whipple

Quality Assurance Reviews: A Client’s Perspective

The Chief Audit Executive at Crane Credit Union in Indiana, Tom Cosby, was one of the earliest adopters to The Audit Library subscription service. He has been an advocate for our business and the Internal Audit industry as a whole for quite some time. If you are a member of

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John Kaneklides

2019’s Best of The Audit Library

At the beginning of the year, I often see a lot of “Best of” lists counting down the best of a certain category from the previous year. There are Best Albums of 2019, Best Memes of 2019, Best Movies of 2019, Best Books of 2019, etc. I’ve seen so many

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Meeting
Olivia Whipple

The Audit Library Consulting Group

Friends, readers and subscribers, I have a special announcement! After many weeks of planning and much work behind the scenes, The Audit Library has expanded into consulting services. The Audit Library Consulting Group is excited to serve credit union clients. In this post you can learn more about a new

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Welcome
Olivia Whipple

Welcome to The Audit Library Blog!

Hello readers, and welcome to The Audit Library Blog! This is a blog for auditors at any point in their careers. There will be posts about audit theory, practical advice for running an Internal Audit department, and real-world examples from my career to help you navigate difficult situations. Today’s inaugural

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