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Basics of internal audit
1.
2. As defined by the Institute of Internal Auditors (IIA), internal audit is “an
independent, objective assurance and consulting activity designed to add
value and improve an organization's operations. It helps an organization
accomplish its objectives by bringing a systematic, disciplined approach to
evaluate and improve the effectiveness of risk management, control, and
governance processes.”
3. Skills being sought in Internal Auditors:
Communication skills
Technical skills and expertise
Integrity and character
Intelligence
Business acumen
Professional skepticism
Inquisitive
Self-starter
IT Knowledge
Personality
4. Functional reporting includes approving the internal audit charter; approving the risk based internal audit
plan; approving the internal audit budget and resource plan; hiring and firing of chief audit executive etc.
Administrative reporting comprises day-to-day activities of the internal audit function including budgeting
and management accounting.
Board and Audit
Committee
Internal Audit Executive
Management
Administrative
Reporting
Functional
Reporting
5. The internal audit charter is a formal document that defines the internal
audit activity's purpose, authority and responsibility. The properly structured
internal audit charter should include:
Mission and scope of the internal auditing department
Accountability of the Chief Audit Executive (CAE) to management and an audit
committee
Independence of the internal auditing function
Responsibilities of the CAE and internal auditing staff
Range of authority of the CAE and internal auditing staff
Applicable standards of audit practice
6. Schedule and plan the audit
Coordinate the Audit Plan with others
Select the audit team
Review previous audit reports
Opening meeting
Conduct audit
Closing meeting
7. Want to learn more about audit, and best practices for
auditing? ComplianceOnline webinars and seminars are a
great training resource. Check out the following links:
Risk Based Internal Auditing (RBIA)
Internal Auditing Essentials for Medical Device
Manufacturers
How to Audit GRC Programs?
Role of the Audit Committee in Corporate
Governance
Internal Audit's Role in Enterprise Risk Management
OCEG Approved GRC (Governance, Risk and
Compliance) Professional Seminar
Auditing Technology and IT Investment Management