Internal Auditing Policies and ProceduresState StatuteIllinois’ state statutes mandate the Office of Internal Auditing. Links to these statutes and other requirements appear below: Show
Independence PolicyOne of the most important policies of the Office of Internal Auditing is that of independence. Internal auditors are independent when they can carry out their work freely and objectively. Independence permits internal auditors to render the impartial and unbiased judgments essential to the proper conduct of audits. This is achieved through organizational status and objectivity. Objectivity is an independence in mental attitude which internal auditors maintain in performing their duties. Objectivity requires that internal auditors perform their work in such a way that they have an honest belief in their work product and that no significant quality compromises are made. Internal auditors are not placed in situations in which they feel unable to make objective professional judgments. Quality Assurance PolicyAn effective quality assurance program is essential in order to achieve and maintain a high level of credibility with management and others who rely on the work of the Office of Internal Auditing. Following is a brief description of each element of a quality assurance program:
Continuing Professional Education PolicyAll internal auditors are responsible for maintaining their knowledge, skills and abilities. The office emphasizes the development of an annual program of continuing professional education (CPE) as a method to increase the professional competence of staff members. All staff members must complete 80 hours of acceptable CPE during two successive annual years, with a minimum of 20 hours in each annual year. Acceptable CPE activities include:
Procedures for Choosing AuditeesAudit coverage is university-wide and no function, activity or unit of the university is exempt from audit and review. In carrying out their duties and responsibilities, internal auditors have full, free and unrestricted access to all university activities, records, property and personnel. In determining areas to audit, and evaluating the consequences of leaving other areas unaudited, the following factors are considered:
Audit ProceduresThe Office of Internal Auditing assists management in the effective discharge of its responsibilities by furnishing management with analyses, recommendations, counsel, and pertinent comments concerning the activities reviewed. Such activities include:
What is internal assessment in internal audit?1311 – Internal Assessments
Internal assessments must include: Ongoing monitoring of the performance of the internal audit activity; and Periodic reviews performed through self-assessment or by other persons within the organization with sufficient knowledge of internal audit practices.
What is the primary consideration used when staffing an internal audit function?The capabilities of individual staff members are key features in the effectiveness of an internal audit activity. What is the primary consideration used when staffing an internal audit activity? Job descriptions.
What is the purpose of an internal audit quizlet?Internal auditor acts as a catalyst for improving an organization's effectiveness and efficiency by providing insight and recommendation based on analyses and assessment of data and business processes.
What are the main objectives of internal audit?Objectives of Internal Audit. Proper Control. One of the main objectives of an internal audit is to keep stringent control over all the activities of an organization. ... . Perfect Accounting System. ... . Review of Business. ... . Asset Protection. ... . Keeps a Check on Errors. ... . Detection of Fraud.. |