Norman Marks on Governance, Risk Management, and Internal Audit

I want to thank everybody for answering my quick survey on the IIA’s GAIT Methodology.

As a reminder, the IIA decided to ‘retire’ the Methodology as they were only getting a few downloads. I don’t believe they knew how many companies are using it as an essential tool in defining an efficient and effective scope for SOX when it comes to ITGC.

I am pleased that even though it was over the Memorial Day weekend, the survey got 59 responses. Here are the results.

Q1. Are you familiar with the IIA’s GAIT Methodology for SOX and ITGC?

– 80% said Yes

Q2. Are you interested in learning more about GAIT?

– 75% said yes

Q3. If you are using GAIT, has it been of value? Would you recommend it?

– 48% gave 5 stars

– 24% gave 4 stars

-17% gave 3 stars

Q4. The IIA (Global and Americas) has retired the GAIT Methodology because of few downloads. However, it remains valid. Should they add it back to their website?

– 85% said yes

– 8% said no

Some added helpful comments and insights:

• I haven’t lived in this world for a while but at the time, GAIT brought a much needed, perspective to an aspect of SOX that was both misunderstood and sometimes arbitrary.  It is valuable, not only for its content but the pragmatic approach used in its creation; is a good model to learn and follow and was refreshing in the era of shifting and inconsistent guidance and interpretations.
• I had no idea they removed GAIT! Instead of removing it, they should update it more regularly. I find it useful.
• Personally, I wholehearted support restoring the GAIT Methodology content to the IIA website for member access.
• Glad you pointed out the misguided, at least at this point, decision of The IIA to remove GAIT from member access. So, hopefully, this call to action will get a rethink of the position. And, even better than just reposting it (which needs to be done), that a project is commenced to update as needed. Thanks Norman.

Current Status

I have shared the survey results with leaders at the IIA.

Unfortunately, they are 100% tied up in a major project to revamp the Standards, the IPPF Evolution Project. As a result, even though I volunteered to lead an update of the GAIT Methodology, they have decided to wait until next year to consider one.

The only changes I can see that should be made are to update references to more recent regulator standards and guidance. The GAIT Principles and methods should remain the same.

They may replace GAIT on the web site, marked as “Retired”, although I have asked that they instead mark it as “Pending Update”.

As a reminder, I have made a copy of the methodology available: download it here.

Plans

I know how valuable the methodology is and wholeheartedly recommend it to every company subject to SOX.

Therefore, I will update it over the next month or so and make it available on this website.

If you are interested in participating in my update project, please contact me at nmarks2@yahoo.com.