Positioning Internal Audit as a Strategic Asset

Kathryn McLay, Woolworths Limited CAE and IIA Australia Chairperson shared her experience working with the Audit Committee, her management and her team in shifting the internal audit function at Woolworths Limited. Woolworths has 3000 food, grocery, liquor, petrol, general merchandise and consumer electronics retail stores, 180,900 employees and $43 billion in sales.

Highlights included changing the perception through the approach to the responsibilities of the internal audit function:

• The way the function communicates it's issues both through the verbal and written content shared with management and the board; telling the story versus limiting content to bulleted, control point based narrowly focused content
• Evaluating the way the team asks questions, approaches the work and considers the business implications of the reviews they are performing
• Mentoring the team to ensure they are comfortable with new communication and delivery approaches being introduced
• Identifying and seeking business acumen, inquisitiveness, humility, effective communication and a practical approach to roles and responsibilities in all the members of the team.