Sometimes an article appears that says something important enough that I feel it’s worth dedicating this entire space to. When it happens during tax season, and it is not a tax issue, then it must have really done something to stand out.

So this week, I bring you an article from cfo.com - Internal Audit Losing Prestige, Survey Finds.

The title itself did not surprise me, as I have long thought there are some pieces of internal auditing that inherently make it a potentially unreliable practice. I believe it is practically impossible to get disinterested reporting through an internal audit, for even if not explicit, there are biases absorbed from the higher-ups and corporate culture in general that can affect how an internal auditor does the job.

What the article really keys on, though, is how internal audits aren’t even addressing the biggest challenges that a business faces, with two huge worries coming in the forms of regulation and cybersecurity.

With the recent fate of Republican attempts to reconfigure health care, maybe some of the worries of quick sweeping regulatory changes can ease a little bit. Just don’t let them ease too much, though, for what these issues highlight is how a business does not want to be caught unaware when disruptions occur.

All these worries are exacerbated by the pace of change in our world. The ever increasing move to digital platforms is changing the way every business operates. I daresay that is not a single industry that has not undergone significant changes over the past decade because of it. This has created some new vast areas of wealth, while leaving some companies behind when they could not adjust.

So just what can a business do if some of these old ways of doing things are no longer offering the value they once did, or maybe even are holding one back?

First, not only should you not be afraid of change, but you should embrace it. Those who thrive in emerging environments are those who looked forward, not those who only looked up when it was too late. This study was not about how businesses were not having concerns, after all, but rather that their ways of doing business were not addressing them. It is not too difficult to imagine where that could lead.

So second, do not be afraid to seek the help you need to move with the times. New regulations can certainly affect a business, but the organizations that survive are the ones who paid attention to when they were coming, and established a plan to deal with them prior to being enacted. And companies who don’t pay attention to cybersecurity until they have an issue with cybersecurity begin their fight from a losing position, a position that could have already damaged your customers’ trust.

You may not be a business that has ever done any exceptional sort of internal auditing, so the article that started this all off may not specifically speak to you, but these are lessons that everyone can learn from, even on an individual level. If you have worries or if you see potential future issues and the things you are doing are not addressing them, change what you’re doing. It may not be easy, and it may be something you need outside help to do, but that doesn’t mean it is not worth doing.