2. 2
Purpose:
Internal auditing is an independent
appraisal function established within an
organization to examine and evaluate its
activities as a service to the organization.
The objective of internal auditing is to
assist members of the organization in the
effective discharge of their responsibilities.
The audit objective includes promoting
control at a reasonable cost.
3. 3
to help you meet your goals and
objectives
to assess and monitor risks to ensure that
the controls in place are adequate to
mitigate those risks
to act as a cornerstone —along with the
board, senior management, and the
external auditors, Internal Audit can help
you comply with policies and regulations
for enhanced corporate governance
5. 5
objectively assess your operations
share ideas for best practices
provide guidance for improving controls,
processes, procedures, performance, and
risk management
suggest ways for reducing costs and
enhancing revenues
6. 6
Internal Audit
Knowledge
and Skills
Computers,
Software and
IIA Standards
Time and
Money
Reputation
for Integrity
and Fairness
Internal Audit
Practices and
Procedures
Analyses,
Appraisals,
Recommendations,
Counsel and
Information
Promote the
Effective use of
Internal Control
Supporting the
Organization in
the Discharge of
their
Responsibilities
INPUTS PROCESSES OUTPUTS OUTCOMES
7. 7
Planning
Performing
Reporting
AUDIT
ASSIGNMENT
AND OBJECTIVE
RESEARCH
PRELIMINARY
SURVEY
RISK
ASSESSMENT
DEVELOP AUDIT
PROGRAM
FIELDWORK
(TESTING)
DISCUSS
CONCLUSIONS
DRAFT AUDIT
REPORT
Phase I:
Planning the Audit
Phase II:
Performing the Audit
Phase III:
Documenting the Audit
