Foundations for a Strong Internal Audit Department (Currently Unavailable)

Author: Lynn Fountain

The Institute of Internal Auditors (IIA) has done a tremendous job raising the profile of the internal auditing profession. Internal auditors strive to abide by the standards and guidelines promulgated by the profession within the International Professional Practice Framework (IPPF). But have you ever asked management within your company if they knew such standards existed? Do they truly understand the concepts of risk-based auditing, independence, and obligations to the board or charter requirements? It is surprising how so many of these basic concepts are taken for granted by auditors and that we assume management is aware.

Individuals considering an internal audit management role should understand the challenges as well as benefits that may be presented within an internal audit role. It is critical that certain elements of the job be well understood by those holding the positions.

This session is designed to step into the reality of the internal audit management role, and discuss some of the concepts that aren’t always openly discussed within organizations--but are important concepts the internal audit manager should ensure they can clarify with management and be prepared to address on the job.

Publication Date: November 2018

Designed For
Internal auditors, Professionals considering the role of internal audit, Chief Audit Executives, Accountants and Finance professionals, CFOs, CEOs, Legal and Compliance professionals, Board members and Audit Committee members.

Topics Covered

• Role of the IA Leader
• Critical components of upholding your internal audit charter
• What management views as Risk Based Internal Auditing
• Determine whether internal audit can truly develop the annual audit plan independently
• Explore what to do when management says "no" to internal audit
• Today's Chief Audit Executive (CAE) and audit management have a difficult role to fulfill
• What the dynamics of today's business involve
• Performing the role of a CAE can be challenging but rewarding.
• Today's internal audit processes are expanding and vital to any business
• Many companies consider internal audit as a training ground for future management
• For IA to truly build credibility, the skills and organizational positioning of the CAE and internal audit management is a critical success factor
• Step into an IA management role you must have the fortitude and ability to appropriately balance the organization's needs with the necessity for independence and objectivity
• What Auditors must be prepared to understand and uphold the Institute of Internal Auditor Standards
• How auditors must learn to balance the requirements of the Standards with management's expectations

Learning Objectives

• Identify critical components of upholding your internal audit charter
• Recognize how to best articulate the definition and requirements of risk based auditing
• Identify requirements to developing an independent audit plan
• Describe how to deal with management when they respond negatively to an issue
• Identify which organization issues authoritative guidance for internal audit professionals
• Describe the four principles internal auditors are expected to uphold
• Identify what it means to have business acumen as an internal auditor
• Recognize the three dimensions of executive presence
• Identify and apply recommendations for an internal audit charter
• Describe the steps in risk-based internal auditing
• Recognize technical skills that an internal auditor should possess
• Differentiate types of business risk associated with following governmental laws and regulations
• Describe the IIA standard recommendations with regard to reporting as an internal auditor
• Differentiate true statements about the internal audit function
• Recognize the purpose of an internal audit charter
• Identify the responsibility of the chief audit examiner (CAE)

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None