“What gets measured gets done!” is a favorite saying in many management textbooks. There is much evidence to support this saying and good reasons to assume that it can be applied to the work of Internal Auditors.
This PEMPAL Internal Audit Community of Practice (IACOP) virtual workshop therefore aims to identify the different types of Key Performance Indicators (KPIs) that Heads of Internal Audit Units should consider using to measure the performance of their Internal Audit (IA) activity. It will also explore the advantages and disadvantages of using such KPIs.
The virtual workshop will consist of three short presentations providing examples of the actual use of KPIs by IA units in the European Commission and the United Kingdom as well as a commentary on the benefits and drawbacks of the use of KPIs by Internal Auditors. This will be followed by an hour-long Question & Answer session.
The virtual workshop aims to provide answers to the following questions:
- What are the most important or key elements of the performance of internal auditors that should be measured?
- What is the range of data that may be available to measure these key elements IA performance?
- What are the main differences between indicators of the economy, efficiency and effectiveness of IA work?
- How reliable is the data used to generate Performance Indicators? Can the data be manipulated to present the performance of IA units in the most favorable light?
- How can Internal Auditors best capture data on the level of client satisfaction with the results of IA examinations? How relevant are the views of IA clients?
- How many indicators are needed to provide an accurate and balanced summary of the effectiveness of an IA Unit?