Internal Audit Definition

  • This topic has 5 replies, 2 voices, and was last updated 10 months ago by Brian Hock.
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  • #220127

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    This forum is restricted to members of the associated course(s).

    Shoaib Ahmed
    Participant

    Can you please provide examples of what type of consulting activities can be performed by Internal Audit (IA)? and what does the meaning of systematic and disciplined approach in Internal Audit definition?

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  • #220128

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    Brian Hock
    HOCK international

    Some examples of consulting services include: internal control training, benchmarking, due diligence, business process mapping, system development reviews, privacy consulting, design of performance measurement systems, internal control testing consulting, business process review.

    Each of these examples are discussed in more detail in Part 2. In Part 1, you just need to know about what they are and that the ability to perform consulting engagements need to be provided in the Charter.

    Systematic and disciplined means that there is a process and a program. That there will be consistency in the way that engagements are performed and that there is a structure to what the internal audit activity performs.

    #225863

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    Shoaib Ahmed
    Participant

    So here systematic and disciplined approach means using Risk Control Matrix (RCM) which is used to perform the testing of each area?

    #225868

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    Brian Hock
    HOCK international

    It does not need to be only RCM. It can be any system that is systematic and makes certain that there is going to be ongoing and appropriate coverage of the work that needs to be done. Whether it is RCM or some other process does not matter.

    #225875

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    Shoaib Ahmed
    Participant

    Can you give examples of any other process?

    #225888

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    Brian Hock
    HOCK international

    I assume that there are commercial products that assist with this, but I do not know what they are. All it is is the structure and the policies and procedures that exist within the IAA to make certain that things are done completely and properly. Each large company probably has their own internal system that helps them do this.

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