Advisory Work: How to Consult

04/03/2025

All Things Internal Audit

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32:07

The Institute of Internal Auditors Presents: All Things Internal Audit

In this episode, Mike Levy talks with Mike Jacka about the growing role of advisory services in internal auditing. They discuss how today’s internal auditors are offering strategic insights that go beyond assurance work. They also cover how to balance objectivity with advisory work, how to fit advisory into audit planning, and how to show the value of these services.

Host:

Mike Levy, CIA, CRMA, chief executive officer and managing principal, Cherry Hill Advisory

Guests:

Mike Jacka, CIA, CPA, CPCU, CLU, chief creative pilot at Flying Pig Audit, Consulting and Training Solutions

Key Points:

Introduction [00:00-00:06]
The role of advisory services in internal audit [00:07-00:27]
Balancing objectivity with advisory work [00:28-02:06]
Early engagement and its impact on risk management [02:07-04:49]
Real-world example: social media consulting [04:50-05:56]
Advisory services in small vs. large internal audit functions [05:57-07:06]
Pre-implementation reviews as a key advisory opportunity [07:07-09:32]
Addressing the fear of losing objectivity in advisory work [09:33-10:45]
Demonstrating advisory value to audit committees [10:46-14:08]
Using assurance work to identify advisory opportunities [14:09-17:02]
Developing skill sets for effective advisory work [17:03-19:03]
The impact of strong relationships and trust in internal audit [19:04-22:41]
How the Global Internal Audit Standards support advisory services [22:42-26:06]
Fostering an advisory mindset within audit teams [26:07-28:18]
Strategies for internal auditors to enhance their influence [28:19-30:37]
Final thoughts and advice for internal auditors [30:38-32:00]