Ep 203: How to Implement the New IIA Standards w/ Derry Herring

8 snips

Jul 30, 2024

Derry Herring, Senior Vice President and Chief Audit Officer at Protective Life Corporation, shares his expertise in implementing the new IIA standards. He discusses the challenges faced and valuable lessons learned during the transition. Derry offers practical advice on expanding audit teams, having grown his from 4 to 26 members. Additionally, he shares effective Excel methods to optimize audit processes for smaller departments, underscoring the importance of strategic planning and clear communication within internal audit functions.

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ANECDOTE

Cornhole Board Construction

Derry Herring built custom cornhole boards using butcher block wood and polyurethane.
He shared his building process, including material choices and finishing techniques.

ADVICE

Implementing IIA Standards

Start with a simple Excel spreadsheet to implement the new IIA standards.
Break down the standards into smaller parts and assess compliance.

ADVICE

Vision Statement Importance

Establish a clear vision statement for your internal audit strategy.
Tweak the IIA's suggested language to fit your stakeholders' understanding.

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This week’s episode, we're joined by Derry Herring, Senior Vice President and Chief Audit Officer of Protective Life Corporation.

In this episode, Derry discusses implementing new IIA Standards this year, highlighting challenges and lessons learned to ensure a smooth transition. He shares practical advice on avoiding pitfalls, strategies for expanding his audit team from 4 to 26 members, and useful Excel methods to streamline audit processes for smaller departments.

Be sure to connect with Derry on LinkedIn.

Also, be sure to follow us on our new social media accounts on LinkedIn, Instagram, and TikTok.

Also be sure to sign up for The Audit Podcast newsletter and to check the full video interview on The Audit Podcast YouTube channel.

Timecodes:

9:08 - The New GIS Standards

15:05 - Forming and Prioritizing Strategic Plans

17:13 - Implementing the New Standards

25:04 - Advice for Growing Your Internal Audit Department

28:40 - Final Thoughts

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