JCPenney operates more than 1,000 midrange department stores in the United States and Puerto Rico, selling everything from apparel and shows for men, women and children, to furniture and luggage. When JCPenney made changes to the board and management teams to help lay the foundation for new beginnings, its internal audit function also changed.
In this profile, Benita Casey, SVP of Internal Audit, discusses the importance of developing a new internal audit reporting structure for JCPenney. This structure assigns senior-level auditors to specific business functions, while junior staff are exposed cross-functionally to gain expertise across the business. Such an approach allows the internal audit team to develop new talent and allows subject matter experts to apply their expertise in specific areas of the business.