Case study: Electrocomponents plc
Mark Taylor, VP Operational Audit and Risk
Mark has worked with Electrocomponents plc for nearly 16 years and occupied a number of senior finance roles including UK operating company head of finance and then group controller.
He moved into internal audit in 2013, when he saw that the internal audit opportunity offered an increased breadth (both finance and operational activities) and one where he could use his knowledge of the business.
Mark gained his CMIIA chartered by experience designation in 2016.
Why did you decided to become a Chartered Internal Auditor?
I wanted to pursue a route that confirmed my knowledge and experience in the area. In addition I recognised that this would be a helpful way for me to document more formally my knowledge and experience.
How did you find the chartered by experience process?
The process was very smooth and what I expected would be needed to allow me to justify, and then the Chartered IIA to judge, whether I had the necessary experience, business acumen and judgement. I found the process a rewarding experience.
What parts of the application process were the most challenging?
The application form (candidate statement) which requires the applicant to summarise their experience alongside the IIA standards (both attribute and performance) is a very important part of the process but does take some time to populate - don’t under estimate it!
Has becoming a Chartered Internal Auditor had an impact on your professional life and your organisation/team?
Becoming a Chartered Internal Auditor has helped me to better understand the relevant standards and to consider and more effectively assess the development areas for my team, for example pursuing a more active quality assurance and improvement programme.
What do you feel you’ve gained?
Professionally I have gained a clearer understanding of my role in the business and more appreciation of the resources provided by the Chartered IIA on your website.
Would you recommend this route?
I would recommend this to anyone that has come into audit from another senior business or senior finance area/role. To me the reasons for such a move are very clear - it's a really useful process to confirm to others you have the necessary skills and experience, and to confirm to yourself your knowledge of our profession.
What do you believe makes a good internal auditor?
I think that the key trait is a ‘strong business curiosity’. By this I mean a marked desire to understand how a business (and its underlying processes) work: what are the rewards (profit) and what are the risks and how these risks are managed by the business.