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Value of Internal Auditing: Assurance, Insight, Objectivity

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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114 views14 pages

Value of Internal Auditing: Assurance, Insight, Objectivity

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.

Uploaded by

Anonymous 7CxwuBUJz3
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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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