Internal Audit Steps

Topics: Auditing, Internal control, Internal audit Pages: 172 (34213 words) Published: June 13, 2013
Training Material on Internal Auditing

Internal Auditing Handbook

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Session 1 – External Audit........................................................................5 1.1 Definition and Objective.....................................................................5 1.2 Responsibilities of External Audit ......................................................5 1.3 Scope of the Audit .............................................................................6 1.4 Auditor’s Report Basic Elements .......................................................6 1.5 Special Features in Public Sector ......................................................7 1.6 Exercise.............................................................................................9 1.7 Questions ........................................................................................10 2 Session 2 – Internal Audit .......................................................................11 2.1 Definitions of Internal Audit..............................................................11 2.2 Evolution of Internal Auditing ...........................................................12 2.3 IIA Standards and Practice Advisory Context ..................................13 2.4 Statement of Responsibilities ..........................................................14 2.5 Code of Ethics .................................................................................14 2.6 Standards ........................................................................................15 2.7 Control Self-Assessment .................................................................16 2.8 Internal Audit as a Core Function ....................................................16 2.9 Independence..................................................................................17 2.10 Appendix..........................................................................................18 2.11 Questions to Session 2....................................................................19 3 Session 3 – Internal Control System.......................................................28 3.1 Internal Control Frameworks ...........................................................28 3.2 Definitions........................................................................................29 3.3 The COSO and COCO Models........................................................31 3.4 Preventive, Detective and Corrective Controls ................................32 3.5 Means of Achieving Control.............................................................34 3.6 Access and Reporting on Control ....................................................36 3.7 Questions to Session 3....................................................................38 4 Session 4 – Relationship Between Internal Audit, Management and Governance ...................................................................................................41 4.1 Outsourcing of Internal Auditing ......................................................41 4.2 Corporate Governance ....................................................................42 4.3 Internal Control ................................................................................44 4.4 Non-executive Directors ..................................................................44 4.5 Audit Committee ..............................................................................45 4.6 Corporate Governance in the EU ....................................................48 5 Session 5 – EU Requirements on Financial Control ...............................49 5.1 Acquis and Financial Control ...........................................................49 5.2 European Models of Internal Financial Control................................50 5.3 Requirements of Candidate Countries.............................................51 5.4 Development on PIFC...
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