For several years, Archer-Daniels-Midland’s Nutrition business sat at the center of the company’s growth story. Investors were told the segment was delivering consistent, double-digit operating profit growth and helping power the agribusiness giant’s broader expansion.
In this article, Norman Marks reflects on a handful of recent and not-so-recent pieces that, taken together, offer a revealing snapshot of where internal audit is headed and where it may be at risk of losing its way. Drawing on insights from industry leaders, consultants, and former global audit officials, Marks contrasts the profession’s growing ambition around agility, insight, and relevance with an increasingly prescriptive standards environment that threatens creativity, judgment, and imagination. The result is both a cautious critique and a hopeful argument for an internal audit function that stays forward-looking, tailored to the business, and grounded in professional judgment rather than rigid process.
Organizations are very good at moving on. Leadership changes. Systems are replaced. Vendors rotate in and out. Strategic priorities shift with the market. What organizations are far less good at is remembering why things exist the way they do.
The UK’s Financial Reporting Council has opened an investigation into Ernst & Young’s statutory audit of Shell’s consolidated financial statements for the year ended 31 December 2024, focusing on potential breaches of audit partner rotation rules.
In this article, Norman Marks explores the evolving role of the chief audit executive, moving beyond traditional assurance to actively helping boards and audit committees operate more effectively. With new opportunities emerging through AI and technology, Marks argues that internal audit functions can deliver greater value by enhancing board governance, insight, and performance.
In this article, Norman Marks dives into the evolving concept of continuous assurance, challenging traditional notions of continuous auditing and urging internal auditors to focus less on reviewing the past and more on providing real-time confidence in the future. Drawing on his own experiences as a former Chief Audit Executive and early adopter of continuous auditing techniques, Marks explores how true assurance comes from understanding risk as it changes, engaging with management regularly, and providing insight that helps organizations anticipate, not just detect, issues.
In my recent post, I suggested that risk management and internal audit would better serve management, boards, and stakeholders if they operated from a shared purpose. The idea is straightforward: both functions should focus on ensuring leadership receives reliable, decision-useful information about the uncertainties that affect the organization’s mission critical objectives. If they did that consistently, organizations would make better decisions and achieve better outcomes.