Internal Audit: They're Here to Help!

How much do you know about our Internal Audit team?

Whether you work in clinical operations, finance, IT, or administration, the Internal Audit team is here to support your work by identifying risks to our organization and providing guidance.

Did you know that our organization has had an Internal Audit team for more than 30 years?

Recently celebrating Internal Audit Awareness Week was a great opportunity to better understand the role of our Internal Audit team and how they support our mission of improving the health of every individual in our communities. Whether you’re in clinical operations, finance, IT, or administration, knowing what Internal Audit does can help you engage more confidently when working with their team. Did you know that Carilion Clinic has had an internal audit team for over 30 years? Let’s share more about this important function.

 

So, What Does Internal Audit Do?

At its simplest, Internal Audit identifies risks that could prevent Carilion Clinic from achieving its goals, informs leaders about these risks, and recommends improvements to reduce the risks. Internal Auditors are the unsung heroes ensuring organizations stay agile, resilient and future-ready playing a key role in an organization’s success.

They provide objective, professional advice to all levels of management and pave the path toward continuous improvement.  At its core, Internal Audit at Carilion is a trusted partner that helps improve, and strengthen the organization’s ability to create, protect and sustain value by providing independent, risk-based and objective assurance advice, insight and foresight. Internal auditing enhances the organizations:

• Achievement of its objectives
• Governance, risk management, and control processes. (GRC)
• Decision-making and oversight.
• Reputation and credibility with its stakeholders.

 

Internal auditing is most effective when:

• It is performed by competent professionals in conformance with the Global Internal Audit Standards
• The internal audit function is independently positioned with direct accountability to the board.
• Internal auditors are free from undue influence and committed to making objective assessments while using their broad perspective of the organization

Their mission is to objectively gather, evaluate, and communicate information about the activities and controls that affect our organization’s risk management, compliance, and operational effectiveness. The team works collaboratively across departments to offer independent insights that drive strategic improvements by ensuring our processes and operations are working the way they’re intended, protecting our resources, and doing things efficiently.

Internal Audit operates under professional guidelines known as the International Professional Practices Framework (IPPF). This includes a Code of Ethics, Core Principles, and Standards that ensure high levels of integrity, independence, and professionalism in their work.

 

Top Reasons You Might Interact with Internal Audit

• Why you might reach out to them: To obtain insight and advice. Internal auditors’ expertise, knowledge of controls and broad perspective of the organization make them ideal candidates for consulting on a project to ensure that risks are considered and controls are built into a process on the start. If you need help evaluating controls, want advice on process improvements, or notice suspicious activity, then Internal Audit is a valuable resource.

• Why they might contact you: Internal Audit may request information as part of routine audits or follow up on potential audit concerns.
• Why managers should care: Leaders are often engaged in audits that affect their department’s operations or processes. Internal auditors may offer insight regarding strategic risks and advice, though management has the ultimate responsibility for the processes in their area. 

 

How Internal Audit Impacts Your Job

Internal Audit doesn’t exist to catch people doing something wrong, it exists to make sure systems are working right. Their insights can help:

• Improve processes and operations
• Protect resources
• Preventing fraud or waste

This matters to everyone at Carilion, because when our processes and systems work better efficiently, we serve our patients and each other more effectively.

 

What Kind of Work Do They Do?

Internal audit functions provide a number of important services and are often the catalyst for improving organizational governance and risk management. Internal Audit helps ensure accountability, efficiency and assure safeguards for the organization.  It’s the internal auditor’s job to assess the significance of the organization’s many risks and the effectiveness of risk management efforts, communicate these to management and the board, and develop recommendations to improve risk management.

 

Internal Audit provides two primary types of services: Assurance Services and Advisory Services.

Assurance Services include:

• Operational Audits – reviewing operations closely to assess whether existing processes are well designed to achieve its goals and determine whether they are efficient and effective
• Financial Audits – examining financial accuracy and completeness
• Regulatory Audits – compliance with applicable laws & regulations and contracts and the impact of non-compliance
• IT Audits – ensuring data integrity and cybersecurity
• Integrated Audits – combining multiple audit types into one review

 

Advisory Services include:

• Consultative – Offering advice/insight and consulting on a project to ensure risks are considered and controls are built into a process from the start.

• Investigative Reviews – responding to reports of unusual activity (potential fraud) and safeguarding of assets from theft, fire, illegal activities or other types of loss.
• System Implementation Reviews – evaluating how new systems are rolled out and used
• Special Requests – offering expertise on various topics, or specific management concerns

 

What Makes Carilion’s Internal Audit Team Unique?

• The team brings diverse deep expertise in finance, IT, regulatory, and healthcare operations with over 120+ years in the profession.
• They are revered for their critical thinking and communication skills, as well as their general IT and industry-specific healthcare/business knowledge including accounting skills
• They stay current through continuing education and are often involved in system development from the ground up.
• They follow a consistent five-stage audit process: Planning, Fieldwork, Observations, Reporting, and Follow-up.
• They bring integrity, honesty and professionalism to the role.
• They stay abreast of trends, keeping their eyes on the horizon to scan for future challenges and risks.

 

Three Highlights for Awareness Week (and beyond)

1. They’re here to help. Internal Audit is a partner, not a policing agency.
2. They add value. Improves assurance, insight and objectivity
3. They support Carilion’s mission. By strengthening processes, they help us better serve patients and communities.

 

To learn more, visit Carilion’s Internal Audit Hub.