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Lecture Auditing and assurance services in Australia: Chapter 15 - Gay, Simnett

Chapter 15 - Internal auditing. After studying this chapter you should be able to: understand the evolving nature of internal auditing; appreciate the professional standards developed for internal auditing; understand what internal auditors do in practice; gain an appreciation of the issues that may face the internal audit profession in the future; and appreciate the approaches to assessing risk management, control and governance processes. | CHAPTER 15 INTERNAL AUDITING TRADITIONAL VIEW OF INTERNAL AUDITING (IA) Internal auditing is an independent appraisal function established within an entity as a service to the organisation. (Ref. AUS 104) It involves examination and evaluation of: Internal control and information systems Financial and operating information Economy, efficiency and effectiveness of operations Whether or not the entity has complied with relevant legislation NEW DEFINITION OF IA Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes — Institute of Internal Auditors (Gay et al., p. 669). INSTITUTE OF INTERNAL AUDITORS (IIA) Professional organisation, represented in > 100 countries Aim is to represent, promote and develop professional practise of internal auditing First developed in Australia in 1952 CURRENT STANDARDS FOR INTERNAL AUDITOR (ISSUED BY IIA) Standards for the Professional Practice of Internal Auditing (SPPIA) issued by IIA. Purposes: Outline basic principles Provide a framework for performing and promoting IA activities Establish the basis for the measurement of IA performance Foster improved organisational processes and operations ATTRIBUTE AND PERFORMANCE STANDARDS Attribute Standards: Address characteristics of organisations and individuals performing IA activities Performance Standards: Describe the nature of IA activities and provide criteria against which performance of these services can be measured CURRENT ATTRIBUTE AND PERFORMANCE STANDARDS OF THE IIA INDEPENDENCE OF INTERNAL AUDIT (IIA STANDARD 1100) Essential that IA is, and is seen to be, independent of area being audited. IA department should report to board of directors or audit committee Head of IA should | CHAPTER 15 INTERNAL AUDITING TRADITIONAL VIEW OF INTERNAL AUDITING (IA) Internal auditing is an independent appraisal function established within an entity as a service to the organisation. (Ref. AUS 104) It involves examination and evaluation of: Internal control and information systems Financial and operating information Economy, efficiency and effectiveness of operations Whether or not the entity has complied with relevant legislation NEW DEFINITION OF IA Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes — Institute of Internal Auditors (Gay et al., p. 669). INSTITUTE OF INTERNAL AUDITORS (IIA) Professional organisation, represented in > 100 countries Aim is to represent, promote and .