The Institute of Internal Auditors Presents: All Things Internal Audit
In this episode, Mike Levy speaks with Adam Neifach about the challenges of late audit responses — what they call the “dreaded 5:00 p.m. response.” They discuss why audit clients delay engagement, how to foster collaboration, and practical strategies for improving responsiveness.
Host:
Mike Levy, CIA, CRMA, CISA, CEO and managing principal, Cherry Hill Advisory
Adam Neifach, CIA, CPA, CISA, senior manager of Internal Audit, Frontier Airlines
- Introduction [00:00-00:43]
- The 5:00 PM Response [00:44-02:28]
- Explanation of the "5:00 PM response" and its impact on audit processes.
- Discussion on why audit clients delay engagement.
- Challenges and Causes [02:29-03:36]
- Adam Neifach shares his experiences with late responses and the challenges they pose.
- Exploration of potential reasons behind delayed responses, including inefficiencies and reluctance.
- Building Relationships [03:37-05:32]
- Importance of building relationships with audit clients to improve responsiveness.
- Strategies for fostering collaboration and understanding client perspectives.
- Proactive Communication [05:33-07:03]
- The role of proactive communication in preventing late responses.
- Techniques for maintaining open and constant communication throughout the audit process.
- Real-world Tactics [07:04-09:35]
- Adam Neifach shares real-world tactics from his own experience.
- Practical strategies for encouraging earlier engagement and ensuring smoother audits.
- Cultural and Generational Differences [09:36-11:08]
- How cultural and generational differences impact audit responses.
- Adapting communication styles to different stakeholders.
- Tactical Solutions [11:09-13:08]
- Specific tactics for dealing with delayed responses, including setting up pre-deadline meetings.
- Importance of addressing resource constraints and understanding client workloads.
- Escalation and Management [13:09-15:11]
- When and how to escalate issues to management without damaging relationships.
- Balancing the need for timely responses with maintaining positive client relationships.
- Final Thoughts [15:12-17:57]
- Final advice for auditors on improving audit response times and fostering collaboration.
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