Think of your audit department as a garden. To yield a robust harvest, you need to plant the right seeds (hire the right people) and nurture them. But how well does your garden grow? Answer these questions to find out:
Does audit management look over the long-term horizon (3-5+ Years) to assess future resource needs, risks, and opportunities?
Just as a gardener plans crop rotation years in advance, audit management needs to think ahead about the members of the audit team. This long-term view prevents resource shortages and helps anticipate challenges, ensuring the garden stays productive.
What is your staff turnover rate?
A healthy turnover rate means your garden is renewing itself. But too much turnover could indicate ‘poor soil,’ so something in the environment needs to be addressed.
Is there a pipeline for recruiting for vacant or new audit positions?
A strong recruitment pipeline is like a well-stocked shed of seeds. It ensures when a spot opens in your garden, you’re ready to plant something new immediately.
How long does it take to fill a vacant or new audit position?
The quicker you fill a vacancy, the sooner your garden grows.
To what extent is staff compensation competitive in the local job market?
Competitive compensation is like quality fertilizer, necessary for robust growth. Without it, your plants may struggle… or worse! Seek better conditions elsewhere. Low salaries make it hard to attract good talent.
To what extent do new hires have relevant education and experience?
The education and experience of new hires are akin to selecting seeds suited to your soil. The more relevant their background, the faster they’ll take root and contribute to the garden’s health.
To what extent do new hires have professional certifications?
Professional certifications are like high-quality seeds, more likely to produce strong, healthy plants. When your new hires come with certifications, you know they’ve been through a rigorous process and are ready to grow and flourish in your garden. It’s like starting with a seedling rather than a seed, giving you a head start on growth.
Does the audit organization have a career ladder?
Imagine a trellis for climbing plants, which is similar to a career ladder. It gives employees something to aspire to and provides hope for a better future.
Do auditors have opportunities for advancement?
Opportunities for advancement ensure your plants (employees) aren’t overcrowded or competing against each other for the same light. By giving them space and room to grow, you encourage a healthier, more vibrant department.
Does audit management track Continuing Professional Education (CPE) for the entire audit team?
Tracking CPE is similar to keeping a garden journal. It helps ensure all plants receive what they need to grow strong and healthy.
How relevant are the continuing education courses?
Relevant education courses are the best types of fertilizer for your team. The more targeted and appropriate they are, the better your plants (auditors) will grow.
Do auditors receive training in people skills (leadership, team building, emotional intelligence)?
People skills are like the stakes supporting growing plants. They ensure auditors can stand tall and interact well within the team, leading to a more cohesive and supportive environment.
Do auditors receive technical training?
Technical training provides the specific nutrients your plants need. Without it, even the healthiest plants can fail to produce.
Can auditors and managers choose their own training courses?
When employees can choose their courses, they’re more likely to engage with the material. Of course this leads to more vibrant growth.
Are auditors presented with a wide variety of learning opportunities?
Continuous learning adds nutrients keeping the garden fertile and productive. Make sure auditors are supported in:
- earning professional certifications
- conducting peer reviews
- speaking at professional association meetings and/or conferences
- writing for professional publications
- leading training courses
- mentoring programs
- receiving one-on-one coaching
- summarizing lessons learned meetings or other department/group meetings
To what extent are auditors assigned to audits enabling them to advance their skills?
Assigning auditors to the right projects is crucial for skill growth. Yes, it is nice to have team members who specialize in certain subject matters, but rotation into other subject matters keeps work interesting.
Does a performance evaluation/feedback system exist for auditors?
A performance evaluation system is akin to regular pruning. It helps shape growth, corrects issues, and ensures each plant reaches its full potential.
How would you rate the staff and management performance evaluation system for transparency, fairness, and equity?
A fair and transparent evaluation system gives staff a fair chance to improve, without favoritism or neglect.
Does management provide clear performance feedback to staff?
Clear feedback helps each auditor grow in the right direction, avoiding obstacles, and maximizing their potential.
How would you rate the frequency of performance feedback?
Regular feedback helps auditors understand where they excel and where they need to improve. Keep in mind the Harvard Business Review recommends five praises for every criticism.
Do you think failure is handled as a growth opportunity?
Handling failure as a growth opportunity is like composting, which turns waste into something that enriches the soil. When auditors learn from their mistakes, both they and the department grow stronger.
Watch your audit team grow!
In the end, managing an audit department requires careful planning, the right tools, and a commitment to nurturing growth. From hiring the right people and ensuring they have the support they need to grow, to providing ongoing education and opportunities for advancement, every element plays a vital role in the health of your audit team. With the right attention and care, your team can flourish, yielding a bountiful harvest of insights for your auditee for years to come.
Looking for high-quality and convenient CPE?
We have you covered! Our live webinars are a great choice if you want the learning to come to you. Just log on at the scheduled time and enjoy wherever you are! Here are a few of our upcoming courses:
- July 30: Audit Evidence & Documentation (4 CPE hours)
- Aug 12: Designing Data Reliability Assessments
- Aug 20: Government CPE Extravaganza (6 CPE hours)
- Aug 27: Excel Formulas & Functions Made Easy
- Sept 4: Auditing for Fraud in Government Procurement & Contracting (3 CPE hours)
Need to do things at your own speed, but still get all your credits? Plan your CPE around your life, not the other way around! Yellowbook-CPE.com has dozens of self-study e-book and video courses, including the Yellow Book Standards for Financial Auditors Bundle. The Yellow Book is thick with best practice advice for financial auditors and more than a few requirements. In this bundle, financial auditors learn what’s needed to stay in compliance and pass that next peer review.
Yellowbook-CPE.com is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: