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Understanding Internal Auditing: Assurance and Consulting for Organizational Value

Internal auditing (IA) is an independent, objective assurance and consulting activity that adds value to organizations by helping them achieve their objectives. Through a systemic and disciplined approach, IAs evaluate and improve the effectiveness of risk management, internal controls, and governance processes. They focus on the reliability and integrity of information, compliance, safeguarding assets, and enhancing efficiencies across all organizational areas. The role of IAs differs from external auditors, emphasizing their unique contributions to corporate governance and organizational success.

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Understanding Internal Auditing: Assurance and Consulting for Organizational Value

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Presentation Transcript

  1. BA592T053IA1of2071805

  2. IAing(1 of 2)

  3. What is IAing?

  4. IA is indep., obj. assurance and consulting activity (cont)

  5. Adds value to organ. (cont)

  6. Helps organ. accomplish obj. (cont)

  7. Systemic, disciplinedapproach to… (cont)

  8. Evaluate and improvethe effectiveness of… (cont)

  9. Risk mgmt • I/C • Governance.

  10. IAs focus on: • Reliability & integrity of info • Compliance (cont)

  11. Safeguarding assets • Efficiencies • Org. goals, obj.

  12. Areas Covered:ALL! (Fin. Engin Systems Mktg Produc HR Ethics)

  13. IAs work for the org!

  14. IAs  EAs!

  15. The Profession The IIA

  16. CIA (Staff with CIAs!)

  17. Staffing The IA Activity Inside! (vs Outsource, Cosource)

  18. CAE(BofD)

  19. Who hires CAE?

  20. CAE reports to?

  21. Four cornerstonesof effectiveCorp. Govern: BdofDir. IAs Exec Mgmt EAs

  22. What do IAs do? • Areas audited? • Time period covered? • Rpting? Form of rpt?

  23. Risk Mgmt ERM

  24. I/C: - NOT Sec.404 opinion!

  25. I/C per COSO: Control environ. Risk assessment Control activities Info & commun. Monitoring

  26. IAs involvement with: Governance • BofD • Ethics, hotlines

  27. AssurancevsConsulting

  28. IAs  Mgmt X

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