Internal Audit Standards - Executing the Audit Engagement

Author: Lynn Fountain

There are critical concepts that internal auditors should be aware of in relation to the Institute of Internal Auditors (IIA) Attribute Standards and the elements of the Performance Standards. The performance standards relate to managing the internal audit function and the nature of work for internal audit. The performance standards also provide internal auditors with a relevant framework to properly execute engagements. It is critical internal auditors have an understanding of the various aspects of the audit and the framework outlined by the IIA.

Publication Date: March 2023

Designed For
Internal auditors, management, CEO, CFO, CAE, external auditors, board members

Topics Covered

• The pending updates to the IIA Standards
• Elements of planning the audit engagement
• Methods for appropriately executing the audit engagement
• Methods of communicating results to management and the board
• The requirements for monitoring audit issues
• Methods of communication on acceptance of risk

Learning Objectives

• Identify elements of planning the audit engagement
• Identify methods for appropriately executing the audit engagement
• Identify methods of communicating results to management and the board
• Identify the requirements for monitoring audit issues
• Recognize methods for communicating the acceptance of risk

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None