A typical internal audit project has six phases – planning, inception meeting, fieldwork or data collection, exit meeting, reporting, and follow up. Working as an Internal Auditor in Nile Bank sometime in 2002, we used to spend a lot of time in planning – when you have several audit areas to review, what informs your priority list? Why audit one area and not the other? The answer was found in risk-based auditing. And so, internal audit has to work with other experts like risk management department to review their risk management processes and assess whether to rely on their risk…

Do you want to accomplish more in a short time while focusing on the strategic high-risk areas? Do you want to attain the annual internal audit plans you deliver value to the auditee? Gift your organization with real-time 360 degrees self-service audit analytics software and focus the scare internal resources in critical high-risk areas. As companies explore cost-cutting initiatives, automating your internal audit processes to transform your internal audit assurance, governance, and risk advisory function is the way to go. summitBI Audit Analytics suite is a comprehensive toolkit that comprises more than 200 data analytics tools that empower Internal Audit…

  I have been procrastinating about taking the family car for repair specifically to change the brake pads, as they had started making that annoying noise while driving on a steep slope. I know from experience that never buy car spare parts or any item for that matter in Kampala, without first understanding the price range. You may end up paying dearly for ignorance. A week ago, I visited about three Garages and asked the price for the four brake pads. They told me it costs about Ugx. 70,000 a pair for the front tires and between Ugx. 70,000 to…

All chief executive officers will eventually leave. But why do boards fail to adequately plan for the CEO succession? We have seen it in politics, the skill of planning for the successor seems to be the last item on the to-do-list of most board agendas, which they keep moving to the next meeting. The result is trial and error when the need for a new CEO arises. As part of business continuity and disaster recovery, we usually conduct business impact analysis (BIA) on the institution’s mission-critical capabilities that support key processes. One of such capabilities is people – staff skills,…

What is nepotism? Nepotism is biased favouritism to relatives and friends for the sake of edging off others unfairly. This happens when offering positions and opportunities of preference including appointment to positions, jobs, business, religion and politics. Nepotism is favouritism granted to relatives regardless of merit. The word nepotism is from the Latin word ‘nepos’ which means nephew. Nepotism has been condemned and criticized as unwise and evil. If a person is chosen for a job just because is loved or liked him, he/she will lead everyone to endless futilities. Nepotism is a common accusation in politics when the relative of a powerful figure ascends…

One of the commonly misused words in strategy is “leveraging technology” to win. Many leaders use it to refer to technology use across the board as a strategy to win. But if everyone is leveraging technology in some way or another in their business, how then can “leveraging technology” be a competitive strategy? The great god of Strategy, Michael Porter, said it precisely, “operational effectiveness” is not a strategy. Continuous improvement or doing things better and better is not a strategy. Lowering costs is not a strategy. Increasing productivity is not a strategy. A strategy is about making choices on…