Details

Internal Audit Quality

Developing a Quality Assurance and Improvement Program
1. Aufl.

von: Sally-Anne Pitt
76,99 €
Verlag:	Wiley
Format:	EPUB
Veröffentl.:	08.09.2014
ISBN/EAN:	9781118715499
Sprache:	englisch
Anzahl Seiten:	400

In den Warenkorb

Als Gutschein

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

Titelbeschreibung

Deliver increased value by embedding quality into internal audit activities Internal Audit Quality: Developing a Quality Assurance and Improvement Program is a comprehensive and authoritative guide to better practice internal auditing. Written by a global expert in audit quality, this guide is the first to provide complete coverage of the elements that comprise an effective internal audit quality assurance and improvement program. Readers will find practical solutions for monitoring and measuring internal audit performance drawn from The IIA's International Standards for the Professional Practice of Internal Auditing, and complemented by advice and case studies from leading audit practitioners from five different continents. Major corporate and financial collapses over the past decade have challenged the value of internal audit. With an increased focus on internal audit's role in good governance, management is increasingly demanding that internal audit provides assurance of the quality of its own activities. The IIA standards provide a framework for audit quality in the form of mandatory guidance . Recent research indicates that the majority of internal audit functions do not fully comply with the standards and, as a result, are not servicing the needs of their organizations as well as they might. Internal Audit Quality offers a roadmap to internal audit quality, providing readers the guidance they need to: <ul> <li>Embed quality into all elements of internal audit from strategic and operational planning down to day-to-day tasks</li> <li>Create well-defined internal audit programs and procedures</li> <li>Independently self-assess internal audit quality and performance</li> <li>Conform with the IIA standards and better practice</li> <li>Provide assurance over internal audit efficiency and effectiveness</li> <li>Deliver value by meeting stakeholder expectations</li> </ul> As a key component of good governance, internal audit is on the rise. The days of retrospective, compliance-focused auditing is a thing of the past. Organizations expect more of internal audit, and many internal audit activities are accepting the challenge. Rather than relying on audit supervision and external assessments, modern auditors are embedding quality into audit activities to create effective programs. For the auditor looking to distinguish themselves as leading edge, Internal Audit Quality provides the guidance that enables the right work, at the right time, in the right way.

Inhaltsverzeichnis

Preface xiii Acknowledgments xix PART I INTERNAL AUDIT AND QUALITY CHAPTER 1 The Various Faces of Internal Audit 3 History 3 The Institute of Internal Auditors 4 Types of Internal Audit Functions 5 Internal Auditing in Different Sectors and Organizations 5 Internal Audit Standards 8 Conclusion 11 References 11 CHAPTER 2 Quality, Performance, and Value 13 Understanding Quality, Performance, and Value 13 Quality Management Systems: Deming, Juran, and TQM 14 Models for Measuring Performance 18 Conclusion 21 References 21 PART II DEVELOPING THE QUALITY ASSURANCE AND IMPROVEMENT PROGRAM CHAPTER 3 Developing a Quality Framework 25 The Link between Quality, Performance, and Value 25 Drivers of Quality 26 A Structured Approach to Quality 30 Developing Performance Measures for Internal Audit 32 Responsibility for Internal Audit Quality 37 Creating a Quality Assurance and Improvement Program 41 Reporting on Quality 43 Questions about the Quality Framework 44 Conclusion 45 References 45 CHAPTER 4 Internally Assessing Quality 47 Ongoing Internal Monitoring and Maturity Models 47 Processes for Embedding Quality 51 Periodic Internal Assessments: Health Checks 53 Client Satisfaction 56 Benchmarking the Internal Audit Function 57 Questions about Internal Assessments 59 Conclusion 60 References 60 CHAPTER 5 Externally Assessing Quality 61 What Is an External Assessment? 61 Why Have an External Assessment? 62 Types of Assessments 64 Questions about External Assessments 70 Conclusion 71 References 71 PART III INTERNAL AUDIT GOVERNANCE STRUCTURES CHAPTER 6 Internal Audit Strategy and Planning 75 Strategic Planning as a Key Input of the Internal Audit Function 75 Vision 78 Internal Audit’s Value Proposition 78 Planning to Deliver Value 85 Assessing Risks Associated with the Internal Audit Function 86 Resource Planning 87 Business Continuity Planning 89 Questions about the Internal Audit Function’s Strategy and Planning Processes 90 Conclusion 92 References 92 CHAPTER 7 Areas of Responsibility and Nature of Work 95 Types of Engagements 95 Assurance 97 Consulting 103 Nature of Work 106 Audit Support Activities 117 Questions about the Internal Audit Function’s Areas of Responsibility and Nature of Work 118 Conclusion 120 References 120 CHAPTER 8 Internal Audit Charter 123 Internal Audit Mandate and Purpose 123 Strategic Context 124 Structure and Position 124 Independence 128 Authority 131 Internal Audit Charter 133 Questions about the Quality of the Internal Audit Charter 135 Conclusion 137 References 137 PART IV INTERNAL AUDIT STAFFING CHAPTER 9 Internal Audit Staffing 141 Overview of the Staffing Element 142 Capability Planning for the Internal Audit Workforce 142 Flexible Work Practices 149 Recruitment and Retention 151 Service Delivery Models 155 Role of the Chief Audit Executive 163 Questions about the Quality of Internal Audit Staffing Practices 165 Conclusion 167 References 168 CHAPTER 10 Managing and Measuring Staff Performance 169 Professional Attributes 169 Performance Management Processes 172 Team Development 174 Individual Professional Development 177 Professional Membership and Involvement 180 Questions about the Quality of Internal Audit Staff Development Processes 180 Conclusion 183 References 184 PART V INTERNAL AUDIT PROFESSIONAL PRACTICES CHAPTER 11 Internal Audit Professional Practice 187 Elements of Internal Audit Professional Practice 187 Stages in the Internal Audit Process 190 Internal Audit Policies and Procedures 190 Questions about Internal Audit Policies and Procedures 199 Conclusion 200 References 201 CHAPTER 12 Annual Audit Planning 203 Value-Added Planning 203 Applying an Objectives-Based Approach to Audit Planning 204 Understanding the Organization’s Business 204 Applying a Risk-Based Approach to Audit Planning 205 Auditable Areas and the Audit Universe 211 Assurance Mapping 213 Resource Allocation 217 Annual Audit Plan Formats 219 Communication and Approval 220 Questions about Annual Audit Planning 221 Conclusion 223 References 223 CHAPTER 13 Planning the Engagement 225 Purpose of Engagement Planning 225 Client Engagement 227 Objectives, Criteria, and Scope 229 Environmental Scanning 234 Aligning Engagements to Key Risks 234 Methodology 237 Resourcing and Milestones 244 Assessing Risks to the Audit Engagement 245 Approval of the Engagement Plan 246 Questions about Planning the Engagement 247 Conclusion 248 References 248 CHAPTER 14 Performing the Engagement 249 Audit Evidence 249 Interviews 252 Analyzing Information Collected 255 Engagement Findings 257 Efficient Fieldwork 260 Management and Supervision 260 Working Papers 262 Questions about Performing the Engagement 264 Conclusion 265 References 266 CHAPTER 15 Communication and Influence 267 Understanding Stakeholder Needs 267 Communication versus Influence 271 Engagement Communications 276 Follow-Up 288 Communicating the Acceptance of Risk 290 Questions about Communication and Influence 290 Conclusion 293 References 293 CHAPTER 16 Knowledge Management and Marketing 295 Knowledge Management 295 Marketing 298 Questions about Knowledge Management and Marketing 303 Conclusion 304 References 304 CHAPTER 17 Quality and the Small Audit Shop 305 What Is a Small Audit Shop? 305 Delivering Value in a Small Audit Shop 305 Quality Challenges for Small Audit Shops Related to Governance Structures 307 Quality Challenges for Small Audit Shops Related to Staffing 309 Quality Challenges for Small Audit Shops Related to Professional Practices 311 Conclusion 315 References 315 Appendix A International Standards for the Professional Practice of Internal Auditing 317 Appendix B List of Quality Questions 323 Appendix C List of Key Performance Indicators 345 Glossary 351 About the Author 365 Index 367

Autorenportrait

SALLY-ANNE PITT is recognized as a global expert in audit quality. She is the Managing Partner of Pitt Group, a consulting firm specializing in assurance and evaluation services, where her key audit clients include major Australian government departments. Between 2008 and 2012, Sally-Anne oversaw the external quality assessment program for the Institute of Internal Auditors–Australia, and she helped author the IIA's 2012 Practice Guide: Quality Assurance and Improvement Program. Sally-Anne has under-taken in excess of 60 external quality assessments of Australian and global orga-nizations from the public, financial, mining, telecommunications, and not-for-profit sectors.

Back cover copy

INTERNAL AUDIT QUALITY Major corporate and financial collapses over the past decade have highlighted the value of internal audit. With an increased focus on internal audit's role in good governance, management is demanding that internal audit provides assurance of the quality of its own activities. The IIA standards provide a framework for audit quality in the form of mandatory guidance. However, recent research indicates that the majority of internal audit functions do not fully conform with the standards and, as a result, are not servicing the needs of their organizations as well as they might. Written by an expert in internal audit quality assurance, Internal Audit Quality provides a roadmap for delivering quality and value aligned with the latest International Standards for the Professional Practice of Internal Auditing. Conformance with global standards is increasingly important in orga-nizations of all sizes. Internal Audit Quality is the only guide that provides practical suggestions for achieving conformance as well as common quality traps that can lead to nonconformance. The resources in Internal Audit Quality make the Quality Assurance and Improvement Program (QAIP) implementation process fast and efficient. Each chapter contains a list of quality questions that can guidethe assessment process, and Sally-AnnePitt explains the basis of internal audit performance in a way that can be clearly communicated to stakeholders. In all, Internal Audit Quality is poised to become the authoritative guide to better practice internal auditing. Increasing the maturity of internal audit will require a thorough understanding of quality and value as well as knowledge of strategy, governance, people management, and audit processes. More than that, it will require an ability to communicate effectively with senior management and the board, ensuring that stakeholder expectations are understood and met. This is the primary goal of the QAIP, and reading this book is a major step toward achieving this goal.