Inflation Is Back! What Should Internal Auditors Do Now?

Richard Chambers
Richard Chambers AuditBoard

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Richard Chambers is the CEO of Richard F. Chambers & Associates, a global advisory firm for internal audit professionals, and also serves as Senior Internal Audit Advisor at AuditBoard. Previously, he served for over a decade as the president and CEO of The Institute of Internal Auditors (IIA), where he led the organization to record global membership and countless milestones. Prior to The IIA, Chambers was national practice leader in Internal Audit Advisory Services at PricewaterhouseCoopers and vice president of The IIA’s Learning Center. Chambers is the author of two award-winning books: Trusted Advisors: Key Attributes of Outstanding Internal Auditors, which was released in early 2017; and Lessons Learned on the Audit Trail, which is currently available in five languages. In March of 2021, he released his latest book, entitled Agents of Change: Internal Auditors in an Era of Disruption.


The U.S. inflation rate has soared above 7% — the highest in 40 years! The risks that inflation presents to organizations in every sector are abundant. Yet, the vast majority of American internal auditors today have never audited in an economy fraught with high inflation. This session will explore the factors contributing to renewed inflation, the first and second-order risks that inflation presents, and actions that internal auditors should take to help their organizations remain resilient as costs increase and pressure on the bottom-line mounts.

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