I was in Singapore last month, while the World Championship in Chess was underway, showcasing two brilliant minds: the defending world champion Ding Liren from China and the 18-year-old Grandmaster Gukesh from India. A true battle of minds!
As a chess amateur myself during my teenage years, there’s a powerful lesson we can all learn from how both opponents meticulously prepared their strategies and game plans months in advance. And during the match, they focus on executing their strategies, working step by step to build favorable positions. Only when the groundwork is laid do they strike with precise tactical moves and combinations to checkmate the opponent.
The preparation phase involves countless hours of studying opponents’ patterns, analyzing potential scenarios, and developing counter-strategies. During execution, each move builds upon the last, creating a strong foundation for victory. The final phase, the tactical strike, can only succeed when supported by this careful groundwork.
How Chess Connects To Internal Audit
The principle of preparation and strategy involved in chess is equally relevant to internal auditing. The Global Internal Audit Standard: Standard 9.2 emphasizes the need for the Chief Audit Executive (CAE) to develop and implement a strategy for the internal audit function.
The parallels between chess mastery and effective internal auditing are striking. The same way grandmasters must develop comprehensive strategies before making their first move, internal audit functions require a clear strategic direction to deliver meaningful value to their organizations.
Yet, I’ve heard people say, ‘We have an audit plan; isn’t that enough?’ The answer is no. The audit plan is not the same as the audit strategy. This common misconception often limits the potential impact of internal audit functions.
While an audit plan outlines specific activities and timelines, it’s merely a tactical tool. Strategy, on the other hand, provides the broader framework that guides these tactical decisions and ensures they align with long-term objectives.
Simplicity in Strategy
Your strategy doesn’t have to be overly complex—sometimes, a concise one-pager or a few slides outlining how your internal audit function plans to deliver its purpose is more than sufficient. Like a chess master’s opening repertoire, your audit strategy should be clear, focused, and adaptable. It should articulate your function’s vision, approach, and intended impact in a way that resonates with stakeholders at all levels.
The Winning Formula
Remember that, like in chess, a winning move starts with a well-thought-out strategy. Without it, success is left to chance.
In both chess and internal audit, victory rarely comes from spontaneous decisions or reactive approaches. Success is built on the foundation of careful planning, clear strategy, and disciplined execution. Just as a chess master sees several moves ahead, effective internal audit functions must maintain a strategic perspective that guides their daily activities and ensures their long-term success.