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| pertain to the value creation choices management makes on behalf of the organization's stakeholders. Note: Hereafter the term objectives is used when referring to what an organization wants to achieve and the term strategy when referring to how management plans to achieve the organization's objectives. For example, an organization that may specify "the increase market share" as an objective and implement a strategy of "acquire other companies" to achieve this objective |
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| pertain to the effectiveness and efficiency of the organization's operations, including performance and profitability goals and safeguarding resources against loss |
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| pertain to the reliability of internal and external reporting of financial and non financial information |
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| pertain to the adherence to applicable laws and regulations |
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| An independent, objective, assurance and consulting activity designed to add value and improve and organization’s operations. It helps and organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness of risk management, control, and governance processes. |
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Value is provided by improving opportunities to achieve organizational objectives, identifying operational improvement, and/or reducing risk exposure through both assurance and consulting services.
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A voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance.
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| What an organization wants to achieve |
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| is the process by the board of directors to authorize, direct, and oversee management toward the achievement of the organization’s objectives. |
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which is closely interlinked with governance, is the process conducted by management to understand and deal with uncertainties (i.e. risks and opportunities) that could affect the organization’s ability to achieve its objectives. Note that hereafter the term risk is used when referring to the possibility that an event will occur and negatively affect the achievement of objectives (e.g., employee fraud) and the term opportunity is used when referring to the possibility that an event will occur and positively affect the achievement of objectives (e.g., introducing a new product).
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| which is imbedded in risk management, is the process conducted by management to reduce risk to acceptably low levels |
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| An objective examination of evidence for the purpose of providing an independent assessment on risk management, control, or governance processes for the organization |
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Advisory and related services, the nature and scope of which are agreed to with the customer and which are intended to improve and organization’s governance, risk management, and control processes without the internal auditor assuming management responsibility.
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The freedom from conditions that threaten objectivity or the appearance of objectivity. Such threats to objectivity must be managed at the individual auditor, engagement, functional, and organizational levels.
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An impartial, unbiased mental attitude and avoidance of conflicts of interest, allowing internal auditors to perform engagements in such a manner that they have an honest belief in their work product and that no significant quality compromises are made.
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| Independent Outside Auditor |
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A registered public accounting firm, hired by the organization’s board or executive management, to perform a financial statement audit providing assurance for which the firm issues a written attestation report that expresses an opinion about whether financial statements are fairly presented in accordance with applicable generally accepted accounting principles.
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| The Institute of Internal Auditors |
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Headquartered in Atlamonte Springs, Fla., it is recognized around the world as the internal audit profession’s leader in certification, education, research, and technological guidance.
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| Certified Internal Auditor (CIA) |
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| The premier certification sponsored by The IIA; the only globally accepted certification for internal auditors |
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| The IIA Research Foundation |
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Established in 1976, its mission is “to be integrated research and educational products arm of The IIA dedicated to facilitating the effective management of the internal audit guidance life cycle and developing global guidance resources.”
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| GAIN Benchmarking Services |
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A yearly survey that allows organizations to benchmark their internal audit activity by comparing audit department size, experience, and other metrics against the average of similar organizations.
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Sponsored by The IIA, The IAEP program teaches an internal audit curriculum in approved colleges and universities. Students accepted into the program by their colleges and universities must be enrolled in formal degree programs at the undergraduate or graduate level.
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| A professional pronouncement promulgated by the International Internal Auditing Standards Board that delineates the requirements for performing a broad range of internal audit activities and for evaluating internal audit performance |
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| Knowledge and Skills to Be Developed |
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Expertise, Technology, Communication, Analytical thinking.
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The top position within the organization responsible for internal audit activities.
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