The Audit Library Blog

Olivia Whipple

Best of The Audit Library 2023: Honoring the Tried and True

2023 was an amazing year at The Audit Library! Among many big projects and initiatives, we added a lot of new content for our bank and credit union subscribers. While it is important to me that the Library continues to grow, for this year’s “best of” I want to pay tribute to some of our very first documents that have been available since day one, and updated every year. I’ll share my favorites here. For those of you who are one of our newer subscribers, or who haven’t heard about our humble beginnings, let me take you back in time

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Advice For Internal Auditors

Olivia Whipple

Audit and Compliance: Where to Draw the Line

The business world can be very strange place. There are rules and regulations every way you look, but not all of them apply to everyone. Once you figure out which rules and regulations apply, you then have to figure out how to follow them. Sometimes the biggest challenge is proving

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Olivia Whipple

New Year’s Resolutions for Internal Auditors

2022 is right around the corner, and I for one am really looking forward to it. Recently, I read that the financial oracles are predicting record GDP growth and an end to the pandemic next year. On the home front, 2022 is looking to be our biggest and busiest year

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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 entertained, challenged,

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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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John Kaneklides

Auditing in Times of Uncertainty

I’ve learned throughout my life that uncertainty is always constant. Try as I might, I cannot predict how the economic, social, or political environment will affect my work or day-to-day life. However, what I do know is that as Internal Auditors we often need to adjust when circumstances change. I

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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

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 is. 

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Exit
Olivia Whipple

Auditor Resignations 101

In a 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 think most

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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 Internal Audit

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Handshake
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 real world! Truthfully,

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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, and crisis negotiator. I’ve said it before, and I’ll say it again. Being a teller is one of the best ways to prepare for a future in

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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

John Kaneklides

Internal Audit vs. Quality Control: What is the Difference?

As a consultant, I review the internal audit departments at multiple financial organizations each year through Quality Assurance Reviews (QARs). While my goal for these reviews is to help the Internal Audit department become more efficient and effective, I also focus on providing reasonable assurance that Institute of Internal Auditors

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John Kaneklides

Preparing for a Quality Assurance Review

Internal audit spends most of its time assessing various functions and processes across the organization. But how well does it know itself? After all, Aristotle once said, “knowing yourself is the beginning of all wisdom.” Luckily, there is an accepted review process for assessment of internal audit, known as a

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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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Laptop
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?” In the Internal Audit world, external Quality Assurance Reviews (commonly referred to

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Clock
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 process, but it

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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 both! 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 sit

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Internal Audit How-To

Olivia Whipple

Remote Branch Auditing: How Real Auditors are Getting Results

I’ve been an auditor for many years, and can report that travel is a major concern in this industry. Auditors want to spend less time on the road, and prefer to sleep in their own beds. Companies want to save money on mileage reimbursements, airfare, meals, and lodging. And during

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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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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

Olivia Whipple

Best of The Audit Library 2023: Honoring the Tried and True

2023 was an amazing year at The Audit Library! Among many big projects and initiatives, we added a lot of new content for our bank and credit union subscribers. While it is important to me that the Library continues to grow, for this year’s “best of” I want to pay

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Olivia Whipple

The Audit Library’s Best of 2022: Great Ideas from You

At the beginning of each year, we post a “best of” list for The Audit Library. In the past, we have told you about top downloads, under-appreciated gems, and simple fan favorites. This year, we want to share a new perspective. 2022 was a record year for us in many

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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 work in the Credit

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