By Steven E. Jameson, CIA, CCSA, CFSA
EVP, Chief Internal Audit & Risk Officer
Community Trust Bancorp, Inc.
The perception/stature of internal auditing has improved significantly over the past 25 years. Auditors are viewed as more knowledgeable, a business partner or a helpful resource as opposed to the “police.”
The top audit position is more likely to be a true executive or senior officer as opposed to a middle manager position. Titles have improved — CAE vs Internal Audit Director or Manager and EVP or SVP vs VP or AVP. The top auditor often reports higher up the chain — to CEO as opposed to CFO or controller. CAEs have a bigger role with audit committees and often have other units reporting to them — security, loan review, compliance, fraud investigation, risk management, etc.
The future is bright for the profession — the elevated stature helps, as do things like Sarbanes-Oxley requirements and governance initiatives.
It is important for The IIA to advocate on behalf of all internal auditors as there is strength in numbers. The “two heads are better than one” concept comes into play via networking, benchmarking, group consensus, standards, etc.
