The Audit Podcast Ep 213: Transforming Audit in 2024 w/ Stephanie Richard (Ally)
Oct 22, 2024
Join Stephanie Richard, Chief Audit Executive at Ally, as she shares her journey of transforming a 150-member internal audit team into a data and AI-driven powerhouse. She discusses overcoming cultural challenges and the importance of curiosity in auditing. Richard offers invaluable advice for current and aspiring CAEs, emphasizing the need for innovation, adaptability, and reframing failure as a learning opportunity. Discover how building new habits can reshape audit culture and prepare teams for emerging risks!
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Internal Audit's Diversity Roadshow
- Stephanie Richard's team showcased internal audit's diversity through a roadshow, dispelling the myth that all auditors are accountants.
- They presented data on team members' various degrees and experiences, highlighting their unique backgrounds.
The Independence Barrier
- Avoid overusing the word "independence" as it can create barriers between audit and other departments.
- Focus on building relationships and collaboration to foster understanding and trust.
Misconceptions of Internal Audit
- Trent Russell shares an anecdote about a negative perception of internal audit at a social event.
- This highlights the need to change the prevailing view of auditors as bean counters or corporate police.