Online Exclusives Tim McCollum Sep 21, 2023
In his 2022 Ted Keys Award winning article, author Robert McKinney writes that internal auditors should thoroughly assess process controls to uncover control failures. Such deep dives can give audit clients greater assurance that processes are working as intended.
Robert McKinney received the Ted Keys Award for Internal Auditor magazine’s best department article published in 2022. The magazine honored McKinney, head of Internal Audit at Point72 L.P. in New York, for his article “The Case for the Deep Dive,” which appeared in the August 2022 issue’s “Basics” department.
McKinney’s article details the steps internal auditors should take to thoroughly assess process controls, noting that testing decisions often “don’t go deep enough to uncover control failures.” The article covers adequate sampling, audit automation, understanding audit evidence, challenging control input instructions, scope limitations, and control design. By demonstrating the depth of their work methods, internal auditors can provide assurance to clients that processes work as intended, according to McKinney.
“For auditors, the concept of providing reasonable assurance sounds, well, reasonable,” he writes. “But what audit clients are really looking for is absolute assurance, which is typically not practical. However, auditors should strive to come as close to that standard as possible.”
In addition to the Keys Award, Internal Auditor recognized authors and articles for honorable mention:
The Ted Keys Award is named for Elmer Theodore Keys Jr., a frequent writer for Internal Auditor. Winning articles are selected for outstanding quality, clear presentation of ideas, practicality, and relevance to internal audit practices.