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    Modern Internal Auditing

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    cortulurte
    Modern Internal Auditing

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    © All Rights Reserved
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    Modern Internal Auditing

    Uploaded by

    cortulurte
    5 views3 pages
    Modern Internal Auditing

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    © © All Rights Reserved

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    Modern Internal Auditing

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5 views3 pages

    Modern Internal Auditing

    Uploaded by

    cortulurte
    Modern Internal Auditing

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 3

    Modern Internal Auditing

    This introduction talks about the origins of internal auditing. The information is not really key CBOK but important
    background knowledge and history for today’s internal auditor.

    Here we explain and expand the concept of a CBOK and why it is important to all internal auditors.

    The review and assessment of internal controls are key internal audit activities. The four chapters in this part
    describe internal controls reviews in terms of the Sarbanes-Oxley Act (SOx) requirements and several internal
    control frameworks.

    This internal control framework has become the worldwide standard for assessing internal controls; every internal
    auditor needs to understand the Committee of Sponsoring Organizations (COSO) internal control framework model
    and how to use it in assessments of internal controls.

    SOx became the law in the United States in 2002 and has completely changed how we assess and measure internal
    accounting controls almost worldwide. The chapter discusses the current status of SOx, including the newly released
    AS 5 auditing standards, and those SOx elements that are particularly important to internal auditors.
    Modern Internal Auditing
    In our very IT-dependent world, internal auditors need a framework to help them to measure and assess internal
    controls as part of their review efforts. The Control objectives for information and related T echnology (CobiT) tool is
    important here, and all internal auditors should have a least a general understanding of this internal control
    framework that is recognized worldwide.

    Risk management is an important internal audit knowledge area, and internal auditors need to understand and
    make use of the COSO Enterprise Risk Model (COSO ERM) as part of their internal audit planning and assessment
    activities. The chapter describes this risk assessment framework and why it is important for internal auditors.

    The five chapters in this part discuss some important general concepts and elements of the practice of modern
    internal auditing, ranging from professional governing standards to assessing those areas in the enterprise that
    should be candidates for internal audits.

    This chapter contains a fundamental introduction on the overall practice of planning, performing, and completing an
    effective internal audit. It describes the steps necessary to perform a review as an internal auditor.
    Modern Internal Auditing
    All internal auditors need to have an understanding of these standards issued by the Institute of Internal Auditors
    (IIA). The chapter provides an overview of the more important elements of the standards and where to search for
    more information.

    A major activity in the internal audit process is to examine some record or artifact of audit evidence and then to
    decide if it meets established audit review criteria. This is a basic internal audit knowledge area that must follow
    internal auditing best practices.

    Many areas in any enterprise are potential candidates for internal audit reviews, but internal auditors have a need to
    pare the list down to what is generally known as an audit universe. The chapter provides some guidance developing
    an audit universe schedule as well as information on how to build audit programs: the guides or actions steps
    necessary to perform internal audits.

    The IIA has developed extensive criteria for internal auditors to look at what they are doing at a specific time and to
    assess that work. The chapter describes these processes

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