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Internal Audit Quality Developing a Quality Assurance and Improvement Program von Pitt, Sally-Anne (eBook)

  • Erscheinungsdatum: 08.09.2014
  • Verlag: Wiley
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Internal Audit Quality

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:

Embed quality into all elements of internal audit from strategic and operational planning down to day-to-day tasks
Create well-defined internal audit programs and procedures
Independently self-assess internal audit quality and performance
Conform with the IIA standards and better practice
Provide assurance over internal audit efficiency and effectiveness
Deliver value by meeting stakeholder expectations
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.

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 undertaken in excess of 60 external quality assessments of Australian and global organizations from the public, financial, mining, telecommunications, and not-for-profit sectors.

Produktinformationen

    Format: ePUB
    Kopierschutz: AdobeDRM
    Seitenzahl: 400
    Erscheinungsdatum: 08.09.2014
    Sprache: Englisch
    ISBN: 9781118715499
    Verlag: Wiley
    Größe: 1606 kBytes
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Internal Audit Quality

Preface

This book will assist chief audit executives and internal auditors to develop a quality assurance and improvement program and embed processes that enhance the quality of their internal audit function. The book looks at what constitutes quality, and how a greater understanding of quality drivers can lead to more valuable internal audit practices.

Most internal auditors understand quality and performance. Good internal audit practice benchmarks organizational areas and activities against commonly accepted criteria. This book provides similar criteria for internal audit functions to benchmark themselves against.

Chapter Elements

Each chapter includes a number of elements:

  • Figures illustrate specific models or practices and support the narrative associated with these examples.
  • Extracts from the Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing are included where relevant to a specific element of internal auditing.
  • CAE Quotes provide practical advice, tips, and warnings from senior and experienced internal audit professionals from 11 different countries.
  • Examples of better practices allow internal auditors to benchmark themselves against other internal audit functions.
  • Common Quality Issues allow internal auditors to learn from the errors of others and to ensure they are not repeating these same mistakes.
  • QAIP Hints provide examples of key process areas that could be used in a maturity model, and key performance indicators that could be used in a balanced scorecard or other performance measurement tool. These will assist chief audit executives and internal auditors to build a quality assurance and improvement program and embed quality in daily activities.
  • Quality Questions provide hints for chief audit executives and internal auditors undertaking internal assessments or quality reviewers undertaking external quality assessments.
Chapter 1: The Various Faces of Internal Audit

Chapter 1 focuses on the history of internal audit and the development of the profession. It places modern internal auditing into its historical context and considers how internal audit has evolved to cater to the specific assurance requirements between jurisdictions, sectors, and organizations.

This chapter highlights the centrality of the Institute of Internal Auditors (IIA) to the professionalization of internal auditing. It discusses the importance of professional standards to ensuring the integrity of internal audit and overviews the development of the International Standards for the Professional Practice of Internal Auditing.

Chapter 2: Quality, Performance, and Value

Chapter 2 discusses the interrelationship between quality, performance, and value. It provides an oversight of the emergence of quality models and quality management systems since the 1950s.

This chapter also examines processes for measuring performance, focusing particularly on logic models, maturity models, and balanced scorecards.

Chapter 3: Developing a Quality Framework

Chapter 3 argues the need for chief audit executives to embed a structured approach to internal audit quality. Typically this is in the form of a quality assurance and improvement program, incorporating both internal and external assessments.

Chief audit executives should have a good understanding of the inputs required to deliver a quality audit outcome. This allows the internal audit function to focus on the key drivers of quality and develop performance processes and metrics that target critical areas. The chapter discusses logic models, which can assist chief audit executives in identifying the key drivers of quality. It looks at the way in which performance

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