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    Value of Internal Auditing: Assurance, Insight, Objectivity

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    Anonymous 7CxwuBUJz3
    The document discusses the value of internal auditing for key stakeholders. It states that internal auditing provides assurance that an organization is operating as intended, insights to improve processes and reduce risks and expenses, and objective assessments. It also notes that internal auditors have various skills and expertise to help achieve business objectives and assist governance. The document emphasizes that internal auditing provides assurance on governance, risk management and controls; acts as a catalyst for improvement through analyses and assessments; and maintains objectivity and independence.

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    Value of Internal Auditing: Assurance, Insight, Objectivity

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    Anonymous 7CxwuBUJz3
    75 views14 pages
    The document discusses the value of internal auditing for key stakeholders. It states that internal auditing provides assurance that an organization is operating as intended, insights to improve processes and reduce risks and expenses, and objective assessments. It also notes that internal auditors have various skills and expertise to help achieve business objectives and assist governance. The document emphasizes that internal auditing provides assurance on governance, risk management and controls; acts as a catalyst for improvement through analyses and assessments; and maintains objectivity and independence.

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    The document discusses the value of internal auditing for key stakeholders. It states that internal auditing provides assurance that an organization is operating as intended, insights to improve processes and reduce risks and expenses, and objective assessments. It also notes that internal auditors have various skills and expertise to help achieve business objectives and assist governance. The document emphasizes that internal auditing provides assurance on governance, risk management and controls; acts as a catalyst for improvement through analyses and assessments; and maintains objectivity and independence.

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    © All Rights Reserved
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    Download as pptx, pdf, or txt
    75 views14 pages

    Value of Internal Auditing: Assurance, Insight, Objectivity

    Uploaded by

    Anonymous 7CxwuBUJz3
    The document discusses the value of internal auditing for key stakeholders. It states that internal auditing provides assurance that an organization is operating as intended, insights to improve processes and reduce risks and expenses, and objective assessments. It also notes that internal auditors have various skills and expertise to help achieve business objectives and assist governance. The document emphasizes that internal auditing provides assurance on governance, risk management and controls; acts as a catalyst for improvement through analyses and assessments; and maintains objectivity and independence.

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    VALUE OF INTERNAL AUDITING:

    ASSURANCE, INSIGHT, OBJECTIVITY


    A PRESENTATION TO STAKEHOLDERS
    ABOUT THE VALUE OF INTERNAL AUDITING
    What should you expect from
    your Internal Audit Department?
    VALUE PROPOSITION OF INTERNAL
    AUDITING FOR KEY STAKEHOLDERS

    Internal Auditing: Assurance ▪ Insight ▪ Objectivity


    GOVERNING BODIES AND SENIOR MANAGEMENT RELY ON
    INTERNAL AUDITING FOR OBJECTIVE ASSURANCE AND INSIGHT ON
    THE EFFECTIVENESS AND EFFICIENCY OF GOVERNANCE, RISK
    MANAGEMENT AND INTERNAL CONTROL PROCESSES.
    INTERNAL AUDITING PROVIDES:

    • Assurance that the organization is operating


    as management intends.
    • Insight for improving controls, processes,
    procedures, performance, and risk
    management; and for reducing expenses,
    enhancing revenues, and improving profits.
    • Objective assessments of operations.
    INTERNAL AUDITORS:

    • Have variety of skills, educational


    backgrounds, and expertise.
    • Use their broad knowledge of the business to
    help management achieve its business
    objectives and assist the governing body in
    fulfilling its oversight responsibility.
    • Are catalysts, risk and control experts,
    efficiency specialists, and problem-solvers.
    VALUE PROPOSITION OF INTERNAL
    AUDITING FOR KEY STAKEHOLDERS
    WHAT ELSE SHOULD YOU EXPECT FROM YOUR IA DEPARTMENT?
    Assurance:
    Governance, Risk, Control
    Internal Auditing provides assurance on the organization’s governance, risk
    management and control processes to help the organization achieve its
    strategic, operational, financial, and compliance objectives.
    GOVERNANCE, RISK, CONTROL
    • Internal Auditing, as one of the four cornerstones
    of corporate governance (along with the
    governing body, executive management, and
    external auditing) helps organization focus on
    strong controls, accurate reporting, effective
    oversight, mitigation of risks, and protection of
    investments.
    • Assists management and governing bodies in
    identifying risks.
    • Provides insight on effectiveness of controls and
    compliance with procedures and regulations, and
    recommends improvements.
    Insight:
    Catalyst, Analyses, Assessments
    Internal Auditing is a catalyst for improving an organization’s effectiveness
    and efficiency by providing insight and recommendations based on
    analyses and assessments of data and business processes.
    CATALYST, ANALYSES, ASSESSMENTS
    • As catalyst for improvement, evaluates
    processes, reports findings and recommends
    appropriate courses of action; and advises on
    key projects/initiatives.
    • Through analyses of data and information,
    provides insight into process improvements.
    • Through understanding of the business and its
    objectives, assesses the efficiency and
    effectiveness of operations and protection of
    assets.
    Objectivity:
    Integrity, Accountability, Independence
    With commitment to integrity and accountability, Internal Auditing
    provides value to governing bodies and senior management as an
    independent source of objective advice.
    INTEGRITY, ACCOUNTABILITY, INDEPENDENCE

    • Grounded in professionalism and integrity


    through professional Standards and Code of
    Ethics.
    • Accountable in helping management and
    governing bodies achieve their objectives.
    • To ensure independence, CAE should report
    to independent governing body for functional
    direction; and to management for
    administrative oversight. Maintains objectivity
    by not assuming any operational
    responsibilities.
    VALUE PROPOSITION OF INTERNAL
    AUDITING FOR KEY STAKEHOLDERS
    WHAT YOU SHOULD EXPECT FROM YOUR INTERNAL AUDITORS
    FOR MORE INFORMATION

    The world’s leader in certification, education,


    research, and technological guidance for the
    profession of Internal Auditing.
    www.theiia.org

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