Well if you missed ‘handwashing’ lessons during Kindergarten, no doubt you would have received full compensation over the past few months.
But while our hands are cleaner, the way we consummate deals and express appreciation with firm handshakes and cosy embraces have swiftly and forcefully been removed from our greeting regimen.
This is as a consequence of the many measures being employed to mitigate the spread of the coronavirus /COVID 19, which was declared a pandemic. The dreaded impact of COVID 19 can only be rivalled by the H1N1 Flu virus of 1918 that killed in excess of 50 million people; in an era with limited record-keeping, the true number of fatalities remains unknown.
The United Nations Chief Economist, Mr. Elliot Harris, on global perspective has predicted that the consequence of COVID 19 would result in a reduction of the global population by 3.2%, developing countries would contract by 5% and shrink by 7%.
If true, inevitably, most nations would be affected economically. While our leaders have informed us that the ultimate solution to this ravaging virus is vaccination, albeit the process of validating vaccines, which are already being tested on humans, is expected to be between 1 ½ to 2 years, according to World Health Organization.
No doubt a vast majority of information is in circulation that can be overwhelming but it can also be used to change the way we make decisions for ourselves and family.
According to Winston Churchill ‘fear is a reaction, courage is a decision. Instead of being fearful, undoubtedly we have to change and adapt to a new normal. In John Maxwell’s book “Developing the Leader Within You.”
He posited that people don’t reject change, they reject being changed.
Certainly, these are testing and stressful times for many individuals and organizations. Boards of Directors, Operational Management and Internal Audit have all been pushed into unfamiliar territory and have to find new means of survival.
So what does this mean specifically for Internal Auditors? The simple answer is that, ‘it cannot be business as usual, we must fight back.’
As a profession, it is incumbent upon us to be cognizant of the big picture and play our part in the search for new solutions.
Therefore, at the organizational level, Executive Management has to embrace different work arrangements such as “work-from-home” – (WFH) and staff rotation schedules.
This will allow adherence to social distancing and give staff the comfort of being protected in the confines of their homes. But this strategy is not without its challenges.
On the productivity side, some staff may not have the needed space to effectively work at home or may have dependents vying for their attention.
Or further, it could be a combination of both scenarios. Juxtapose that to staff who has more convenient support systems, productivity would be higher. Should both categories of staff be evaluated with the same performance measurement? It shouldn’t be, flexibility must be applied.
While efforts are deployed to enable seamless transition into this new type of working environment. The need for personal values, leadership and having positive attitudes are imperatives for the achievement of Audit Objectives and staff satisfaction.
In light of national restrictions; WFM, lockdowns, limitations on travel, etc. the Internal Audit activity must further rely on technology to achieve its objectives thru’ remote auditing.
Zoom, a video conferencing platform, appears to be the first choice for client and staff meetings, interviews, etc. but this is not without the risk of cyber intrusion. Cyble, a cyber-security firm produced a report in April 2020, informing the public that over 530,000 Zoom accounts have been hacked and is sold on the Dark Web almost for free; i.e. $US 0.002 each, with accounts containing victims’ email address, passwords, personal meeting URLs, etc.
This means that all application software should be kept up-to-date, timely upgraded with security patches and the appropriate security features in software applications has to be turned on to mitigate the risks of losing sensitive information thru’ phishing, spooling, viruses, pharming, etc.
Another school of thought is that the Audit Plan for 2020 may need to be revised in order for it to remain relevant. The risks profile of companies have changed and therefore, the old audit plan if followed, would be misaligned.
In some jurisdictions, Internal Audit leaders have already responded to the issue by asking Senior Management and the Board ‘how can we help?’ Some sceptics have reservations with this approach, thinking that it may erode the Internal Audit Department’s independence, but it should not, once the requisite safeguards are discussed and agreed on.
The underlying issue is that “we are all in this together”, and naturally, the three lines of defence should be singing from one song sheet. The Internal Auditors should not be mere observers. In-fact, as part of our mandate which is stated in the 10 core principles of the IIA’s mandatory guidance, we should be aligned with strategies, objectives and risks of the organization.
The unexpected blow is always the hardest hit, but this COVID blow has provided us with an opportunity to innovate, realign, adapt, and fight back as a united team.
Quaison Christian
Vice President, Programming
The Institute of Internal Auditors – Guyana Chapter
