Foundations for a Strong Internal Audit Department

Overview

This session provides insight on the realities of internal audit management roles, and the elements needed to build a strong internal audit department to provide the most value for your company.

The Institute of Internal Auditors (IIA) has done a tremendous job raising the profile of the auditing profession. As auditors, we strive to abide by the standards and guidelines. But have you ever asked management within your company if they knew such standards existed? Do they truly understand the concepts of risk-based auditing, independence and obligations to the board or charter requirements? It is surprising how so many of these basic concepts are taken for granted by auditors and that we assume management is aware.

Individuals considering an internal audit management role should understand the challenges as well as benefits that may be presented to them within this role. It is critical that certain elements of the job be well understood by those holding the positions. This session is designed to step into the reality of the internal audit management role and discuss some of the concepts that aren’t always openly discussed within organizations…but are important concepts the internal audit manager should ensure they can clarify with management and be prepared to address on the job.

Prerequisites

None

Objectives

• Explore critical components of upholding your internal audit charter.
• Evaluate the definition and requirements of risk-based auditing.
• Determine the meaning of developing an independent audit plan.
• Understand how to deal with management when they respond negatively to an issue.

Highlights

• Internal audit definition challenges
• Independence challenges
• Charter challenges
• Authority challenges
• Actions
• Reporting challenges
• Introduction to risk-based auditing
• Risk-based auditing: steps and understanding
• Identifying, responding and concluding on risk
• Independence of audit plan
• When management says NO