The Audit Podcast – Ep 254: Emerging Leader Mentoring Program w/ Alex Rusate

Date: September 9, 2025
Host: Trent Russell
Guest: Alex Rusate (Senior Vice President and Director of Internal Audit, Aero Financial; former Chair, IIA Emerging Leaders Mentor Program)

Episode Overview

This episode dives into the IIA’s Emerging Leaders Mentoring Program, an initiative connecting early-career internal auditors with seasoned professionals for mentorship across the globe. Host Trent Russell welcomes Alex Rusate, who has been deeply involved in the program since its 2019 inception—first as a mentee, later as a leader and mentor. The discussion covers the program’s evolution, benefits, how it works for both mentors and mentees, success stories, and a candid look at the integration of AI and technology in the audit process.

Key Discussion Points & Insights

1. Integrating AI in Audit Practice

• Personal Use Cases for AI

  • Alex uses generative AI for personal graphics (e.g., creating themed congratulations images for colleagues or friends).
  • Quote: “We had somebody that passed their CIA this weekend. They're a big New York Giants fan. So I had their photo on a New York Giants body crossing over to the end zone. The end zone said certified internal auditor. So great little thing to be able to celebrate.” - Alex Rusate [02:54]

• Professional Applications of AI

  • AI is used in planning (particularly for risk and controls matrices in audits), although Alex's team doesn't feed confidential info due to lacking a local secure instance.
  • Example prompt: “Generate a risk and controls matrix for a procurement audit...” (outputs used as a draft, highly specific prompts are crucial).
  • Efficiency Gains: 70-80% of planning work can be fast-tracked with AI-generated drafts, but human review remains essential for completeness and accuracy.
  • Quote: “It’s just a tool, not a be all, end all to be able to copy and paste and have that be your final rcm. But we’ve definitely seen a lot of time that’s spent towards conventional research go away.” – Alex [07:08]

• Accuracy of AI Outputs

  • Generally accurate, but estimates for work hours can vary with experience levels of staff.
  • Quote: “It gets you within the ballpark, plus or minus. And then overall it ends up coming pretty darn close to what it should be.” – Alex [08:02]

2. The IIA Emerging Leaders Mentoring Program

A. Program Purpose & Scope

• The largest internal audit mentorship program worldwide, open to all IIA members (now spanning 50 countries, 850 participants in 2024).
• Matches less-experienced auditors with senior audit leaders for candid career advice and skills development in a safe, supportive environment.
• Evolved from a 2019 grassroots North America pilot (20 participants) to a global, structured initiative with dedicated resources.

B. Why Participate as Mentee or Mentor?

• Mentees:
  • Gain constructive, “fresh” perspective separate from direct management.
  • Ask questions candidly, get career roadmaps, certifications advice, networking, and support.
  • Quote: “It allows young emerging internal auditors to be able to get connected with seasoned internal auditors... to help give career advice, candid, constructive career advice on how they could be able to develop their skills.” – Alex [09:26]
• Mentors:
  • Opportunity to give back, shape the next generation of internal auditors.
  • Simple application, rewarding involvement.
  • “Great way to be able to give back to profession as a mentor.” – Alex [11:09]

C. Enrollment & Matching Process

• Apply directly on the IIA website (link in episode show notes).
• Specify areas of expertise and what you’re looking for (e.g., IT audit in banking sector), which helps program leaders pair mentors and mentees effectively.
• Open to active IIA members only; membership encouraged for those interested.
• Key dates:
  • Registration deadline: September 15, 2025
  • Annual opening: If deadline is missed, applications open each August.
• Process Quote: “Simple process. It took me like two minutes to be able to apply as a mentor.” – Alex [11:06]

D. Program Logistics

• Applications reviewed and matched by volunteer group.
• Orientation: First week of November.
• Program runs: November 15 – May 31 (approx. 6.5 months).
• Meeting cadence: Flexible (monthly recommended, but some meet more/less often based on needs).
• Quote: “Even if you only meet a handful of times, it's still better than not going through the program.” – Alex [17:24]
• After program: Participants can continue relationships informally, or reapply for a new mentor the next cycle.

3. Personal Experience and Success Stories

• Alex’s Experience as a Mentee (2019):

  • Paired with Seth Peterson (then CAE at a bank; currently chief risk officer).
  • Gained certification, co-authored a prize-winning magazine article, and built a long-term professional relationship—still in touch after six years.
  • Anecdote Quote: “We co authored an article together for the Institute of Internal Honors magazine which then won the outstanding contributor award... We still stay in contact.” – Alex [12:27]

• Feedback from Participants:

  • Regular monthly check-ins, mid- and end-point surveys.
  • Mentees report increased accountability, support in moving toward goals (promotions, certifications, job changes).
  • Particularly valued by auditors in small departments or those lacking internal support.
  • Quote: “Having that accountability has really helped people to push their careers forward.” – Alex [13:50]

Notable Quotes & Moments

• On Safe Learning Environments:
  “Sometimes you might not want to ask certain questions to your manager and expose weak spots or something like that. It gives good opportunity and there's also gives you fresh perspective.” – Alex [00:00, repeated at 09:26]

• Efficiency Gains through AI:
  “Within less than a minute you can generate draft risk and controls matrix that historically we've seen get you 70 to 80% of the way there...” – Alex [05:03]

• Mentorship's Personal Impact:
  “After the formal program end we still stayed in contact. I was texting him this weekend because I'm from the Albany, New York area and he was at an Iowa game watching UAlbany get absolutely trampled...” – Alex [12:59]

• Program Scale and Growth:
  “When we started it was a pilot program. 20 participants, 10 mentees, 10 mentors, all just within North America... Since then it's expanded 50 different countries, 850 participants.” – Alex [15:18]

• Encouragement to Apply:
  “I encourage you to invest in yourself, invest in your career, and invest in our profession, whether it be a mentor [or] mentee... at least give it a try.” – Alex [19:26]

Segment Timestamps

| Timestamp | Segment | Speaker | | ---------- | --------------------------------------------- | ---------- | | 00:00–00:34| Program introduction - safe environment | Alex | | 02:52–04:42| AI personal/professional use, audit planning | Alex/Trent | | 07:06–08:28| Efficiency, accuracy, and limits of AI tools | Alex | | 09:06–11:53| What is the Emerging Leaders Program? Enrollment, matching, benefits | Alex/Trent | | 12:16–13:38| Alex’s mentee experience and outcomes | Alex | | 13:38–15:08| Feedback from participants and success stories | Alex | | 15:08–16:31| Program growth, structure, and logistics | Alex | | 16:31–17:40| Timeline, meeting cadence, and logistics | Alex | | 17:40–18:50| End-of-program transitions, maintaining relationships | Alex | | 19:26 | Final encouragement to participate | Alex |

Final Takeaways

• The IIA Emerging Leaders Mentoring Program is a unique, globally accessible platform for internal auditors seeking professional growth—whether as mentors or mentees.
• The integration of AI into audit processes is delivering tangible efficiencies, though careful review remains essential.
• Mentorship provides ongoing professional and personal value, creating networks and opportunities well beyond the formal program term.
• Alex and Trent encourage auditors at all career stages to “invest in yourself” and consider participating in the next program cycle.

For full program details and to apply, see the link in the show notes. Registration is open until September 15th, with annual cycles reopening each August for new participants.