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AUD 571
TOPIC 1
OVERVIEW OF INTERNAL AUDITING
Learning Objectives
After going through this chapter, you should be
able to:
Provide an overview of internal audit profession
Differentiate internal auditor and external auditor
Describe the evolution of internal audit practice
Illustrate methods used to measure internal auditing
performance
Describe factors that enhance the image of internal
audit profession
The Keywords
Independence and objectivity
Assurance and consulting activity
Systematic and disciplined approach
Add value
Risk management
Control
Governance
Stakeholder
Independent
status
Is independent of management
and the board of directors both in
fact and mental attitude.
Responsibility
towards fraud
Scope of work
Timing and
frequency of audit
Professional
qualification
EXTERNAL AUDITOR
NOW
Roles of IIAM
Affiliated to The Institute of Internal Auditors Inc. (USA)
Services provided:
Certification offering certification for Certified Internal Auditors (CIA), Certification
Framework
Directing reporting channel to AC
Awakening shareholders activism
Support and recognition by the regulators
Global audit scandals
Commitments of IIAM
Broad scope of IA function
11
END TOPIC 1