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.
Autorentext
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 under-taken in excess of 60 external quality assessments of Australian and global orga-nizations from the public, financial, mining, telecommunications, and not-for-profit sectors.
Zusammenfassung
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.
Inhalt
Preface xiii
Acknowledgments xix
PART I INTERNAL AUDIT AND QUALITY
CHAPTER 1 The Various Faces of Internal Audit 3
History 3
The Institute of Internal Auditors 4
Types of Internal Audit Functions 5
Internal Auditing in Different Sectors and Organizations 5
Internal Audit Standards 8
Conclusion 11
References 11
CHAPTER 2 Quality, Performance, and Value 13
Understanding Quality, Performance, and Value 13
Quality Management Systems: Deming, Juran, and TQM 14
Models for Measuring Performance 18
Conclusion 21
References 21
PART II DEVELOPING THE QUALITY ASSURANCE AND IMPROVEMENT PROGRAM
CHAPTER 3 Developing a Quality Framework 25
The Link between Quality, Performance, and Value 25
Drivers of Quality 26
A Structured Approach to Quality 30
Developing Performance Measures for Internal Audit 32
Responsibility for Internal Audit Quality 37
Creating a Quality Assurance and Improvement Program 41
Reporting on Quality 43
Questions about the Quality Framework 44
Conclusion 45
References 45
CHAPTER 4 Internally Assessing Quality 47
Ongoing Internal Monitoring and Maturity Models 47
Processes for Embedding Quality 51
Periodic Internal Assessments: Health Checks 53
Client Satisfaction 56
Benchmarking the Internal Audit Function 57
Questions about Internal Assessments 59
Conclusion 60
References 60
CHAPTER 5 Externally Assessing Quality 61
What Is an External Assessment? 61
Why Have an External Assessment? 62
Types of Assessments 64
Questions about External Assessments 70
Conclusion 71
References 71
PART III INTERNAL AUDIT GOVERNANCE STRUCTURES
CHAPTER 6 Internal Audit Strategy and Planning 75
Strategic Planning as a Key Input of the Intern…