Internal Audit Standards - Managing Internal Audit Work
Author: Lynn Fountain
| CPE Credit: |
2 hours for CPAs |
As a profession, internal auditors look to the Institute of Internal Auditors (IIA) Standards to provide guidance on how to most effectively execute their fiduciary role. Part One of this series introduced the overall Standards, Mandatory Guidelines, Core Principles, Code of Ethics and Attribute Standards. These are important concepts that internal auditors, management, and the board should understand. These guidelines provide the foundation for the profession and are written to ensure effectiveness and consistency in the execution of internal auditing.
This course will focus on two elements of the Performance Standards which include: managing the internal audit function and the nature of work considered within the realm of internal auditing. Each of these components are critical to the effective execution of internal audit’s responsibilities.
Requirements for managing internal audit extend far beyond managing a specific project or individual audit. It includes management of the entire audit process from development through to execution and reporting. It also includes:
- Ensuring the team has the relevant knowledge and expertise for engagement assignments
- Appropriate resourcing and budgeting exist to support the Mission of the function
- Establishing the right communication protocols with management and the board
When examining the nature of work of internal audit, the Institute of Internal Auditors Standards outline three very critical areas that internal auditors should be engaged with. These include controls, risk management and governance.
Inherently, most individuals within management understand the requirements around internal audit’s evaluation of controls, but many struggle with how or if internal audit should be involved in risk management and governance activities.
This course delves deeper into managing the internal audit activity and the challenges that may be faced along with properly identifying internal audit's nature of work. The participant will come away with an appreciation for the intent of the Standards and a recognition of alternatives to promoting the value-oriented activities internal audit can provide to an organization.
Publication Date: February 2023
Designed For
Internal Auditors, Chief Audit Executives, Internal Audit Directors, Accountants and Finance professionals, Auditors, Executive management/ Board members and Audit Committee members, and Legal and Compliance professionals.
Topics Covered
- Managing the internal audit function
- Challenges and alternative solutions to manage the function in line with the Standards while also balancing management expectations
- Nature of work outlined by the Institute of Internal Auditors (IIA) Standards
Learning Objectives
- Identify the many facets to effectively managing the internal audit function
- Identify the challenges and alternative solutions internal auditors can consider when attempting to manage the function in line with the Standards while also balancing management expectations
- Recognize the nature of work outlined by the Institute of Internal Auditors (IIA) Standards which internal auditors are directed to be involved with including control reviews, risk management and governance
- Identify the challenges and alternative solutions internal auditors may face/use when attempting to execute on the various forms of control reviews, risk management projects and governance reviews
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
