Internal audit

internal auditingInternal AuditorAssuranceAuditorIndependenceinternalInternal Audit Managementinternal auditorsorganizational independence analysed by the IIATerritorial Auditor
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations.wikipedia
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Institute of Internal Auditors

Certified Internal AuditorIIACertified Internal Auditors
The Institute of Internal Auditors (IIA) is the recognized international standard setting body for the internal audit profession and awards the Certified Internal Auditor designation internationally through rigorous written examination.
The Institute of Internal Auditors (IIA) is the internal audit profession's most widely recognized advocate, educator, and provider of standards, guidance, and certifications.

Chief audit executive

CAEDirector of auditAuditor-General
Internal auditing departments are led by a Chief Audit Executive ("CAE") who generally reports to the Audit Committee of the Board of Directors, with administrative reporting to the Chief Executive Officer (In the United States this reporting relationship is required by law for publicly traded companies). The required organizational independence from management enables unrestricted evaluation of management activities and personnel and allows internal auditors to perform their role effectively.
The chief audit executive (CAE), director of audit, director of internal audit, auditor general, or controller general is a high level independent corporate executive with overall responsibility for internal audit.

Internal control

internal controlsfinancial controlcontrol
It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
The internal auditors and external auditors of the organization also measure the effectiveness of internal control through their efforts.

Financial audit

auditauditingforensic audit
It is conceptually similar in many ways to financial auditing by public accounting firms, quality assurance and banking compliance activities.
Many organizations separately employ or hire internal auditors, who do not attest to financial reports but focus mainly on the internal controls of the organization.

Audit

auditingauditorspaper trail
The required organizational independence from management enables unrestricted evaluation of management activities and personnel and allows internal auditors to perform their role effectively.
These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement.

Audit committee

audit committees
Internal auditing departments are led by a Chief Audit Executive ("CAE") who generally reports to the Audit Committee of the Board of Directors, with administrative reporting to the Chief Executive Officer (In the United States this reporting relationship is required by law for publicly traded companies).

Auditor

auditing firmauditionAuditor-General
Professionals called internal auditors are employed by organizations to perform the internal auditing activity.

Enterprise risk management

COSOERMrisk management
It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
In addition to information technology audit, internal auditors play an important role in evaluating the risk-management processes of an organization and advocating their continued improvement.

Audit plan

audit planning
The Audit Plan is typically proposed by the CAE (sometimes with several options or alternatives) for the review and approval of the Audit Committee or the Board of Directors.

Information technology audit

IT AuditauditingInformation technology audit - operations
These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement.

ISACA

Information Systems Audit and Control AssociationCertified Information Systems AuditorCISA
The job titles of members are such as IS auditor, consultant, educator, IS security professional, regulator, chief information officer, chief information security officer and internal auditor.

Committee of Sponsoring Organizations of the Treadway Commission

COSOCommittee of Sponsoring OrganizationsCOSO Framework
Under the COSO Framework, internal control is broadly defined as a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of the following core objectives for which all businesses strive:
As an independent function that informs senior management, internal audit can evaluate the internal control systems implemented by the organization and contribute to continued effectiveness.

Operational auditing

Operational audit is a more comprehensive form of an Internal audit.

SOX 404 top–down risk assessment

SOX 404 top-down risk assessmenttop-down risk assessmenttop-down approach
This process is highly valued by many businesses for establishing and implementing effective management systems and ensuring quality is maintained & professional standards are met Internal auditors also play an important role in helping companies execute a SOX 404 top-down risk assessment.
Therefore, techniques such as self-assessment are appropriate for lower-risk areas, while internal auditors (or the equivalent) generally should test higher-risk areas.

Assurance services

assuranceAuditassurance standard
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations.

Consultant

consultingconsultancyconsultants
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations.

Effectiveness

effectivecarry out a taskcombat effectiveness
It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Corporate governance

governancecompliance and governanceCorporate Communications
It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Business process

business processesprocessprocesses
Internal auditing achieves this by providing insight and recommendations based on analyses and assessments of data and business processes.

Integrity

wholenesscompetenceDurability
With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice.

Accountability

accountablepolitical accountabilityresponsibilities
With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice.

Senior management

executiveexecutivesmanagement team
With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice.

Regulatory compliance

compliancenon-complianceCompliance Management
The scope of internal auditing within an organization is broad and may involve topics such as an organization's governance, risk management and management controls over: efficiency/effectiveness of operations (including safeguarding of assets), the reliability of financial and management reporting, and compliance with laws and regulations.

Board of directors

Board of Trusteesdirectorboard
Internal auditing departments are led by a Chief Audit Executive ("CAE") who generally reports to the Audit Committee of the Board of Directors, with administrative reporting to the Chief Executive Officer (In the United States this reporting relationship is required by law for publicly traded companies). With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Internal auditors are not responsible for the execution of company activities; they advise management and the Board of Directors (or similar oversight body) regarding how to better execute their responsibilities.

Regulation

regulationsregulatorygovernment regulation
Internal auditors are not responsible for the execution of company activities; they advise management and the Board of Directors (or similar oversight body) regarding how to better execute their responsibilities.