One of the most common questions we hear from management, especially during exit meetings, is: ‘Can you share how others are fixing this problem?’
This recurring question emerges at important moments when management seeks to understand not only what’s wrong but how peers and other departments are successfully addressing similar challenges.
This is a moment to shine. If you’ve prepared, you can immediately provide insights. But if you don’t have the answer on hand, don’t panic. Simply say you will come back with a proposal.
Building a Knowledge Foundation
To be ready for these moments, we built a database of good practices based on insights from 120+ audit engagements and 100+ operations we regularly visited.
We documented the area, the specific practice, the location, key contacts, and any relevant supporting documents. This database serves as a powerful tool, enabling quick access to relevant examples and proven solutions across different operational contexts.
Over time, this became more than just a database; it evolved into a Center of Excellence, positioning internal audit as a trusted advisor that not only identifies issues but also contributes to continuous improvement across the company.
How Internal Audit Can Add Value Beyond Its Traditional Role
By maintaining a comprehensive database of solutions and best practices, the team has created a valuable resource that benefits the entire organization, facilitating knowledge transfer and promoting operational excellence across all departments.
The change from a traditional audit function to a Center of Excellence shows how internal audit can add value beyond its traditional role, becoming an enhancer for positive change and continuous improvement throughout the organization.