Nigeria has just recorded its 6,667th Coronavirus case, and as the Pandemic continues to spread, companies in Nigeria are becoming stretched and challenged on multiple fronts. From the massive impact on supply chains, to staff availability, to a plunge in demand for products and services in hospitality, transportation, energy, and many other industries, the pandemic is proving to be a solid test for businesses and their disaster recovery and continuity plans.
While most Internal Auditors are busy assisting with coronavirus discussions and business continuity planning, how exactly do we ensure that our own activities are not considerably affected?
The coronavirus has the potential to be massively disruptive to internal audit activities, which often involve travel, on-site fieldwork, and lots of human interaction. So keeping internal audit up and running will take some planning, some creativity, and a lot of hard work.
Below are some suggestions which internal audit teams can undertake to ensure they remain resilient in the face of the coronavirus outbreak:
Suggestions:
1) Leverage on technology: Simple tasks such as ensuring team members have the ability to work remotely, VPN access is working, and documents are placed in the cloud (such as OneDrive or Google Drive) are the basics which can sometimes be overlooked. Most organizations already have features such as Teams, OneDrive or Google Drive available which can be accessed should VPN services become unavailable. Ensuring working papers are maintained on the cloud can help avoid disruption should audit team members need to work remotely.
2) Review the annual plan: Particularly where auditors may need to work across locations, review the plan to see what audits can be performed remotely or which ones can be deferred. As internal audit becomes drawn into COVID-19 discussions more frequently, it may be worthwhile to defer less critical audits and free up available resources to assist the organization with its business continuity planning.
3) Review audit team structures: Where entire internal audit or IT audit teams are geographically located in one area, it may be worthwhile to separate some team members. For instance, splitting teams into two and placing them on separate floors within the office or even separate buildings may reduce the risk of losing an entire arm of your audit team should there be an outbreak in your office
4) Review your audit approach: Whilst most teams are likely already using Skype or Teams to have remote meetings, this can also be seen as an opportunity for us to try new techniques and approaches. It may also be a good time to encourage internal audit team members to undergo online training to increase capabilities while working remotely.
5) Communication is KEY: As priorities change and resources move, it is important that we keep both management and auditees up to date on the activities of internal audit. Where an audit needs to be deferred or time-frames revised, it is important that we communicate this promptly to relevant stakeholders.
These are only a few suggestions on how to remain resilient as an audit function during these challenging times. Remember Safety is not a Priority for an Internal Auditor, it’s a Pre-condition!!!
