Internal Auditing is like Cooking

Internal Auditing is like cooking. We call cooking an art, which involves a lot of science as well. Just like Internal Auditing.

So let us have a look, how these two overlaps and share their similarities.

1. Good ingredients is the key.

Just like the quality of the final ingredients decide the fate of the food prepared, in the similar manner the data given to the auditor decides the fate of the audit.?And as the saying goes, "garbage in, garbage out". The output of a good internal audit model is just as good as what you put inside it. Taking it further, good audit is the key to a successful business. It?helps to develop the work of the company because the financial reports reflect the internal audit department’s quality.?Hence, it is important to make sure that your business has a good enough internal audit system in place. Without it, you can't really have a successful business.

2. Preparation is the most time consuming.

Preparation, is the main step of cooking, where you assemble all the ingredients, chop the required things, arrange the utensils, wash and clean whatever required. This is also true for internal audits. But instead of slicing, dicing, and marinating; internal audit revolves around preparing the business for good audit. From?identifying and understanding the current business-working model, sorting out the applicable laws and regulations for the business, getting to know the management and team, to setting up the protocols, processes, and SOPs, it requires a lot of preparation.?

3. Each dish is different.

Each dish, each recipe requires different set of tools, preparation and ingredients. Similarly, every business requires a different internal audit system specifically tailored according to the business culture and system. So, what works for one business might not work for the other. Establishing the right set of procedures and systems is important?that keeps the business operations in control, hence prevents fraud and losses due to errors. No one likes an undercooked or overcooked dish, just like lack of procedure or too many unnecessary procedures.

4. Cooking is about skills and intuition.

Cooking requires you to be equipped with certain skills and techniques, along with creativity and intuition. Similarly, Internal audit is a mix of both.?Internal audit does require the knowledge of the laws, awareness of the amendments, applicable skills to run the processes, practical experience of the tools and methods applied. At the same time, ask an internal auditor of how they also rely on some creativity and intuition while making decisions. As the methods cannot be universally applied to each business, Internal Auditor has to take that step to apply their creativity to mould the processes as necessary.

5. You can’t become a great cook overnight.

You can cook something by watching a video or reading the recipe from a blog, but that does not make you a Chef. Similarly, you can set up a system for your business on your own but it won’t be as effective and unbiased?without having a definite conflict of interest. Likewise, completing a course or earning a certificate won’t make you a great chef, and it won’t make you an internal auditor either. It takes years of dedication, effort, and practice. Internal Audit is a journey, not a destination.

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