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

In this chapter, students will be able to understand: 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 15- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett The Evolving Nature of Internal Auditing (IA) The traditional view of internal auditing is that it is an independent appraisal function, established within an entity as a service to the organisation. (Ref. AUS 104/ AUASB Glossary) It involves examination and evaluation of: Internal control and information systems; Financial and operating information; Economy, efficiency and effectiveness of operations; and Whether or not the entity has complied with relevant legislation. Learning Objective 1: 15- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett 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. (Definition from Institute of Internal Auditors website). 15- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Institute of Internal Auditors (IIA) Professional organisation, represented in > 120 countries. Aim is to represent, promote and develop professional practice of internal auditing. First established in Australia in 1952. 15- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett Current Standards for Internal Auditor (issued by IIA) Standards for the Professional . | Chapter 15 Internal Auditing 15- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett The Evolving Nature of Internal Auditing (IA) The traditional view of internal auditing is that it is an independent appraisal function, established within an entity as a service to the organisation. (Ref. AUS 104/ AUASB Glossary) It involves examination and evaluation of: Internal control and information systems; Financial and operating information; Economy, efficiency and effectiveness of operations; and Whether or not the entity has complied with relevant legislation. Learning Objective 1: 15- Copyright 2006 McGraw-Hill Australia Pty Ltd Revised PPTs t/a Auditing and Assurance Services in Australia 3e by Grant Gay and Roger Simnett Slides prepared by Roger Simnett New Definition of IA Internal auditing: is an independent, objective assurance and consulting .