This course is dedicated to Domain V, Principle 13 and the Standards related to Performing Internal Audit Services.
Performing IA services requires:
- Effective planning
- Executing the engagement in a manner to develop findings and conclusions
- Collaborate with management to identify recommendations and/or action plans for findings
- Communicate throughout the engagement with the employees responsible for the activity under review
The new Standards emphasize that quality performance requires conformance to the Standards. Each standard within Domain III specifically identifies the responsibilities of the CAE and the board, as well as joint responsibilities.
The new Global Internal Audit Standards were released on January 9, 2024, and will become effective January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains approved for use during a one-year transition period. The Global Internal Audit Standards guide the worldwide professional practice of internal audit. They serve as a basis for evaluating and elevating the quality of the internal audit function. The Standards use 15 guiding principles with five separate Domains that enable effective internal audit implementation and examples of evidence of conformance.
The Global Standards are organized into five domains.
- Domain I: Purpose of Internal Auditing
- Doman II: Ethics and Professionalism
- Domain III: Governing the Internal Audit Function
- Domain IV: Managing the Internal Audit Function
- Domain V: Performing Internal Audit Service
Publication Date: July 2025
Designed For
Controllers, Accountants, Auditors, Finance and Operational Professionals Professionals
Topics Covered
- Domain V Performing Audit Services
- Principle 13 - Plan Engagement Effectively
- Principle 13.1 - Engagement Planning
- Principle 13.2 - Engagement Risk Assessment
- Principle 13.3 - Engagement Objectives and Scope
- Principle 13.4 - Evaluation Criteria
- Principle 13.5 - Engagement Resources
- Principle 13.6 - Work Program
- "Unofficial" Mapping of 2024 Global Standards to 2017 IPPF - Domain III Governance
Learning Objectives
- Explain Domain V: Performing Internal Audit Services
- Explain Principle 13 Plan Engagements effectively
- Explain Standard 13.1 Engagement Communications
- Explain Standard 13.2 Engagement Risk Assessment
- Explain Standard 13.4 Evaluation Criteria
- Explain Standard 13.5 Engagement Resources
- Explain Standard 13.6 Work Program
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
Basic Understanding of Internal Audits
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.